Property giant Megaworld is poised to dramatically expand its leasing portfolio to 3 million square meters by the end of the decade, marking a significant 52% increase from its current holdings.
During the company’s Annual Stockholders’ Meeting, Kevin L. Tan, CEO of Alliance Global Group, Inc., Megaworld’s parent company, outlined ambitious growth plans for both its office and mall divisions.
By 2030, Megaworld Premier Offices aims to reach 2 million square meters, while Megaworld Lifestyle Malls is set to hit 1 million square meters of gross leasable area.
“Growing our malls and office segments within the next six years is a big part of our continuing expansion,” Tan said. He revealed that Megaworld has allocated a substantial P55-billion for capital expenditure this year.
The funding is a crucial component of a broader P350-billion five-year capex program initiated in 2023, aimed at developing existing and new townships, residential projects, investment properties, and land acquisitions.
The upcoming office spaces will be located in Megaworld’s townships across Bulacan, Pampanga, Cavite, Bacolod, and Metro Manila. Retail spaces are also planned for lifestyle malls in Cavite, Rizal, Pampanga, Bulacan, Bacolod, Cebu, Davao, Boracay, and Palawan.
In 2023, Megaworld expanded its office portfolio under Megaworld Premier Offices by 69,000 square meters, reaching 1.5 million square meters with the completion of the International Finance Center in Uptown Bonifacio.
Meanwhile, Megaworld Lifestyle Malls increased its GLA by 33,000 square meters to 517,000 square meters, highlighted by the inauguration of four new retail locations, including the Philippines’ largest Landers Superstore at The Upper East in Bacolod City.
By the end of 2024, Megaworld plans to complete an additional 180,000 square meters of office space and around 100,000 square meters of mall and commercial retail spaces.
