MANILA – The flagship property company of billionaire Andrew Tan is aiming to increase its recurring income, as it expands its official, mall and hotel businesses.
In a statement, Megaworld Corporation expects its rental income to reach P9 billion this year, or 27 percent more than the P7.1 billion in 2014.
“This year, we expect another double digit growth to our rental income by another 27-percent to P9-billion. However, looking back, we haven’t just achieved double digit growth in our rental income in the last five years but have grown even more than two-fold, and this is a favorable indication of the company’s overall growth,” said Francis Canuto, Megaworld chief finance officer.
The company plans to open seven new malls and commercial centers in its five township developments, namely, Uptown Place and Uptown Parade in Uptown Bonifacio; Venice Grand Canal in McKinley Hill; Mactan Alfresco in The Mactan Newtown in Cebu; Eight Forbestown Road and Burgos Parklane in Forbes Town Center; and Twin Lakes Shopping Village in Twin Lakes, Batangas.
Megaworld also aims to complete this year two office buildings, including one in Uptown Bonifacio, and another in The Mactan Newtown.
The company is also opening two hotels: the 149-room Richmonde Hotel Iloilo at the Iloilo Business Park, and the 480-room Belmont Luxury Hotel in Newport City.
All told, Megaworld will add around 300,000 square meters of gross floor area to its leasing portfolio.
The company is launching five new integrated urban townships across the country, brining to 20 its portfolio of townships by yearend. To date, two townships have been launched: Northill Gateway and The Upper East, both in Negros Occidental.
“We started the township trend in the Philippines. So the direction is to continue to expand our township footprint to maintain this pioneering leadership. Every year, expect us to build more exciting and innovative integrated urban townships that are integral to community development and nation-building,” said Canuto.