Megaworld leads in office development last year
Credit to Author: ARIC JOHN SY CUA| Date: Tue, 05 Mar 2019 16:14:58 +0000
MEGAWORLD Corp. led other property developers last year in developing offices in the National Captial Region and beyond, according to a real-estate services company.
In an online report, KMC Savills said the Andrew Tan-led real-estate firm bolstered its position in office developments, noting it supplied “the majority of [it] in 2018.”
“The company strengthened its position as it effectively controlled office space leasing nationwide,” it added.
KMC Savills also said Megaworld would expand its portfolio by 1.5 million square meters of gross leasable area by next year.
It added that Megaworld and its competitors had spent P273 billion in capital expenditures last year, estimating that “close to a tenth of this amount has been disbursed for office development alone.”
In Metro Manila, nearly 750,000 sq.m. of grade-A offices were completed last year, according to KMC Savills.
It also noted the property’s growing presence in the Visayas, saying the listed property developer had “expanded its portfolio to 322,900 sq.m. at the end of 2018.”
“Through large land acquisitions, it has set up thriving mixed-use townships in Mactan [in Cebu province’s Lapu-Lapu City] and Iloilo [province]. Iloilo Business Park has been a key success, with already [about] 42,000 sq.m. of office stock completed and fully occupied,” the report said.
“By 2020, Megaworld’s provincial office stock is expected to reach 438,500 sq.m. with 123,500 sq.m. expected to be completed in [the] Iloilo Business Park alone,” it added.
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