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Megaworld allots P36B 2021 capex

BY GILBERT P. BAYORAN

Township developer Megaworld is allocating P36-billion for capital spending this year, as it realigns project developments with the restrictions brought about by the strict quarantine measures that affect construction movements, as well as demand for residential properties especially in Metro Manila.

This year’s capital expenditure is 29 percent higher than the P27.9-billion actual spending last year, Megaworld said in statement it issued.

About 76 percent will be allocated for real estate developments, particularly on the construction of new residential properties, while the remaining 24 percent will be for investment properties. No amount has been allocated for landbanking initiatives, it added.

“We remain cautious and prudent with our spending as we are still observing how the vaccination program will progress and where this pandemic will be leading us in the next few months. This is a very targeted CAPEX program aimed at optimizing the use of our available cash during this time,” Kevin Tan, chief strategy officer of Megaworld, said.

Megaworld also announced that it will launch four residential projects, particularly in its key provincial townships at the Upper East in Bacolod City, Negros Occidental, Maple Grove in Cavite, Capital Town in Pampanga, and the Iloilo Business Park in Iloilo City.

These new residential projects are expected to generate around P8.3-billion in sales, the company said.

During the year, Megaworld also said that it is also turning over almost 4,000 units and lots from its completed residential developments across the country with a total value of around P60-billion. “We look forward to eased restrictions by second half of the year. It’s still wait-and-see as of this time, but we are optimistic that the domestic economy will bounce back fast once all of these strict quarantine measures are lifted,” Tan added.*

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