Megaworld to add 54,000 square meters of retail space this year

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MEGAWORLD CORP. is developing the Davao Park District in Lanang, Davao City.

MEGAWORLD Corp. is scheduled to open 11 commercial properties this year, as it continues to expand its network of lifestyle malls in the country.

The listed property firm said in a statement on Tuesday that the new retail spaces will cover a gross floor area of about 54,000 square meters (sq.m.), bringing its commercial retail footprint to around 771,000 sq.m. by the end of the year.

The new retail spaces will be located across its malls in Iloilo Business Park in Mandurriao, Iloilo City, Alabang West along Daang Hari in Las Piñas City, McKinley Hill and Uptown Bonifacio in Taguig City, Arcovia City in Pasig City, Boracay Newcoast in Boracay Island, Aklan, and Davao Park District in Lanang, Davao City.

Megaworld Chief Strategy Officer Kevin Andrew L. Tan noted that bulk of the new retail spaces will be located in Uptown Bonifacio, where they will be unveiling a new row of retail establishments in front of Uptown Mall and Uptown Parade.

“Every mall that we build has curated spaces that evoke the character of the township where it is located. We want to create commercial properties that are not just for shopping and dining, but those that help drive tourism,” Mr. Tan was quoted as saying in a statement.

Megaworld has been beefing up its commercial properties in line with its goal to generate P20 billion in rental revenues by 2020, when the company expects to have a total of 28 malls.

The firm ended 2018 with 17 malls, with the latest being the P2.2-billion Festive Walk Mall in Iloilo Business Park which offers around 90,000 sq.m of retail spaces.

It also opened three new community malls, with one in Alabang called the Village Square, and two in Makati — Three Central in Salcedo Village and San Lorenzo Place in EDSA corner Chino Roces Street. These community malls cover a total of 26,500 sq.m.

Aside from malls, the company is also banking on its office towers to contribute to its P20-billion rental revenue goal. By that time, the company expects total rental space to reach 2.5 million sq.m.

Megaworld has allocated to spend P65 billion in capital expenditures this year, in a bid to ramp up its residential, office, retail, and leisure tourism properties.

The company saw its attributable profit grow by 13% to P11.29 billion in the first nine months of 2018, following a 13% uptick in revenues to P41.76 billion.

Shares in Megaworld dropped by 0.57% or three centavos to close at P5.20 each at the stock exchange on Tuesday. — Arra B. Francia