Megaworld lines up new malls, commercial projects
Megaworld Corp. will expand its retail portfolio by 30,000 square meters (sq m) through the opening of new lifestyle malls and commercial projects in response to strong demand for these spaces in its townships.
In a regulatory filing on Wednesday, Megaworld said this was part of its bigger goal of having one million sq m of gross leasable area (GLA) by 2030. This year, the developer led by tycoon Andrew Tan aims to expand its GLA by 24.5 percent to 600,000 sq m.
Its pipeline projects include The Shoppes at Park McKinley West in Taguig City.
The two-story retail hub is expected to house international restaurants such as Ogawa Traditional Japanese Restaurant, Royal Indian Curry House and Yakiniku Sudaku, among others.
At the same time, a new lifestyle mall will be opened at Vion Tower in Makati City, and additional retail areas will be opened at Alabang West in Las Piñas City.
In the Visayas, Megaworld plans to open Newcoast Beachwalk, which will feature dining, retail and services concepts, within its Boracay Newcoast project, targeting tourists visiting one of the country’s most popular vacation destinations.
“We are growing our leasing business by bringing our signature lifestyle mall concept to more locations while introducing new experiences that resonate with today’s consumers,” Megaworld Lifestyle Malls head Graham Coates said in a statement.
Higher foot traffic and strong leasing demand from premium tenants lifted the revenues of Megaworld Lifestyle Malls by 10 percent to P3.33 billion in the first six months of the year.
The company earlier announced the expansion of its retail spaces at Lucky Chinatown in Binondo, Manila to 36,000 sq m after opening the new Imperial Wing.
Apart from malls, Megaworld is also setting its sights on hospitality expansion in the next five years, leveraging on the strength of its township developments across the country.
By 2030, the developer said it would have seven new hotel properties, raising its hotel room count to 9,000.
These are the Chancellor Hotel in Boracay Newcoast (554 rooms); Belmont Hotel Iloilo in Iloilo Business Park (404 rooms); The Kingsford in The Upper East Bacolod (300 rooms); Savoy Hotel Palawan (304 rooms) and Paragua Sands (313 rooms) in Paragua Coastown in San Vicente, Palawan; Savoy Capital Town (373 rooms) in Capital Town, San Fernando, Pampanga province; and ArcoVia Hotel in ArcoVia City (339 rooms).
