MEGAWORLD Corp. is spending P1.8 billion to construct a new mall inside its Pampanga township Capital Town.
In a statement Monday, the listed property developer said Capital Mall will offer 33,000 square meters (sq.m.) of gross floor area across three storeys. The mall will make use of materials recovered from the sugar mill owned by Pampanga Sugar Development Corp. (PASUDECO), which used to stand on the site of the township.
“As a tribute to the legacy of Pampanga’s oldest sugar mill, we will build the Capital Mall with its rich cultural heritage in mind. Other recovered portions of the sugar mill such as the giant bull gears, sprockets, and mechanical parts will become part of the mall’s interiors,” Megaworld Chief Strategy Officer Kevin Andrew L. Tan said in a statement.
The mall will have four cinemas, a food hall, and a shophouse strip. It will likewise feature a landscaped garden that will have restaurants and cafés surrounded by water ponds and century-old trees.
“Even the food hall will sport an industrial architecture highlighted by more mementos of the sugar central. The cinemas will also feature the 1960s charm and ambience,” Mr. Tan said.
Megaworld will start construction by the first half of 2020, with target completion in 2022.
The mall will stand inside the 35.6-hectare Capital Town in San Fernando, Pampanga. Launched in 2017, Megaworld said it will spend P30 billion to develop the estate in a span of 10 years. The township is also set to house residential towers, office buildings, retail hubs, an ampitheater, and event venues.
The township will also have a six-hectare Shophouse District, featuring 98 lots sized from 276 to 680 sq.m. that can be used for local businesses.
Capital Mall will be added to Megaworld’s current portfolio of 17 commercial and mall properties in the country.
The company recently announced that it will also build a new mall in its Mactan Newtown township in Lapu-Lapu City, Cebu. With a cost of P1.5 billion, the Mactan Newtown Beach Walk will have a 1.4-hectare man-made lagoon that can be used for water sports activities such as jet skiing, wakeboarding, stand-up paddling, and boating.
Megaworld saw its net income attributable to the parent rise 16% to P8.3 billion in the first semester of 2019, driven by a 20% surge in revenues to P16.8 billion.
Shares in Megaworld lost 2.02% or nine centavos to close at P4.37 apiece at the Philippine Stock Exchange on Monday. — Arra B. Francia