Megaworld sets P300 billion 5-year capital expenditure

ABS-CBN News

Posted at Jun 21 2019 01:01 PM

Megaworld's Twin Lakes integrated development in Batangas. Photo: Megaworld

MANILA - Megaworld Corp on Friday said it allocated P300 billion to fund the expansion of its integrated developments from 2020 to 2024.

Out of the total, 65 percent or P195 billion will be allocated for residential developments and investment in properties while the remaining 35 percent or P105 billion will be for land acquisition and land banking, the developer said in a disclosure to the stock exchange.

"Megaworld has secured significant coverage of raw land in the areas where we want to be in. Our focus now is developing the land in order to sustain and further proper our strong earnings moving forward," chief strategy officer Kevin Tan said.

The real estate firm said it has approximately 4,700 hectares of land bank in its portfolio, expected to expand by almost 45 percent with the launch of 6 more developments by 2020.