Megaworld earmarks P55B to build malls, buy land

Megaworld Corporation and its subsidiaries have allotted P55 billion in capital expenditure to build new malls and buy more land.

“Seventy-five percent of the capital spending for the year will be used for development projects, particularly on the construction of new malls, commercial centers, office buildings and residential projects in townships, while 25-percent will be used for land acquisition and investment properties,” The conglomerate, led by business tycoon Andrew Tan, told the Philippine Stock Exchange on Monday.
In a separate text message to GMA News Online, Megaworld said it intends to fund 75 percent of the capital spending with internally generated cash and 25 percent from external sources.
“External means that, only if needed, we can go to the debt market,” the text message read.
Megaworld owns 100 percent of Suntrust Properties Inc., 82 percent of Global-Estate Resorts Inc. and 82 percent of Empire East Holdings Inc. The subsidiaries are part of an aggresive drive to expand the group’s earnings potential.

The group said it is aggressively expanding its rental portfolio, particularly its mall and office businesses. – VDS, GMA News
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