Megaworld Corp will deploy about 3.4 billion pesos raised from block sales of shares in its office REIT to expand malls, offices and hotels across three provincial townships, led by The Mactan Newtown in Lapu-Lapu City, Cebu.
The property developer said proceeds from July and September disposals of MREIT Inc shares will be reinvested in new income-generating assets in Cebu, Bacolod and Palawan.
The pipeline includes additional office towers and lifestyle malls that could later feed MREIT’s portfolio, alongside hotel projects.
In Bacolod, Megaworld is building out The Upper East, a 34-hectare business and lifestyle district on the former Bacolod-Murcia Milling Co. site near the city government center.
Three residential towers and one office building are completed, with two more residential projects, another office tower and a hotel under construction. A lifestyle mall is slated to break ground next year.
In Cebu, The Mactan Newtown spans 30 hectares along the tourism coastline and includes a beach amenity for the township.
Four residential developments have been finished, three more are being built, and the estate hosts five office towers and two hotels.
Ongoing projects include the standalone Mactan Expo convention center and the multi-level Mactan World Museum.
In San Vicente, Palawan, Megaworld is developing the 462-hectare Paragua Coastown eco-tourism community along the country’s longest shoreline, with two hotels, two condominium projects, a residential village, commercial districts and nature parks under way.
MREIT currently owns 24 prime office properties across five Megaworld townships: Eastwood City in Quezon City; McKinley Hill and McKinley West in Taguig; Iloilo Business Park; and Davao Park District.
Megaworld said the new projects are intended to support MREIT’s growth pipeline and long-term earnings visibility.
Cebu Business News
