Megaworld Corp., the property vehicle of tycoon Andrew Tan, expects to build and complete “at least 20 malls and commercial centers” until 2020, complementing its 15 townships and the five master planned townships in the coming years.
“We will build at least 20 new malls and commercial centers across the country, mostly in our urban townships,” Megaworld chairman Andrew Tan said during his acceptance speech after getting the President’s Award from the Philippine Retailers Association (PRA) on Wednesday night.
“These malls and commercial centers will primarily cater to the residential and BPO [business process outsourcing]communities inside our townships,” he added.
Harold Geronimo, Megaworld’s director for Strategic Marketing and Communications, said in the same event the 20 malls will be present in each of Megaworld’s 20 townships, which will amount to 600,000 to 700,000 square meters of gross leasing area (GLA).
Also by 2020, with the increase of townships from 15 to 20, the company sees an increase in township population by 150 percent to at least 1 million—600,000 residents and 400,000 BPO and office workers.
The company had announced earlier that it planned to build five more townships—two in Luzon, two in the Visayas and one in Mindanao—amounting to a total of 400 hectares, raising total township development to 3,100 hectares from 2,700 hectares currently.
Megaworld is currently implementing a five-year plan from 2014 to 2019 with a P230-billion capital spending program to build new communities and townships.
Last year, Megaworld launched five townships totaling 1,000 hectares of land. These are the 12.3-ha Woodside City in Pasig City; the 561-ha Southwoods City at the boundaries of Cavite and Laguna; the 11-ha Davao Park District in Lanang, Davao City; the 62-ha Alabang West in Las Pinas City; and the 350-ha Suntrust Ecotown in Tanza, Cavite.
The company’s notable townships include the 18.5-ha Eastwood City in Quezon City, the 50-ha McKinley Hill, the 34.5-ha McKinley West and the 15.4-ha Uptown Bonifacio.
Megaworld holds the property businesses of magnate Andrew Tan consisting of 100 percent of Suntrust Properties Inc., 74.96 percent of Global Estate Resorts Inc, 82 percent of Empire East Land Holdings Inc. and 30 other subsidiaries.
Megaworld is a unit of conglomerate Alliance Global Group Inc., which also owns and operates Emperador Inc., McDonalds local franchisee Golden Arches Development Corp. and Resorts World Manila operator Travellers International Hotel Group Inc.