Megaworld Corp., property conglomerate of Andrew Tan, has issued a key part of its five-year plan: to open "at least 20 malls and commercial centers" until 2020, one per each township, according to the firm. The malls will make up 600,000 to 700,000 square meters of gross leasable area.
"We will build at least 20 new malls and commercial centers across the country, mostly in our urban townships," said Tan, chairman of the firm. According to the tycoon, the malls will primarily cater to the residential and Business Process Outsourcing (BPO) components of their townships.
Megaworld's townships, as well, have been pegged to grow from 15 to 20 all over the country by the end of the decade. Two upcoming townships in Luzon, two in Visayas, and one in Mindanao tack on an additional 400 hectares to the developer's township portfolio, currently at 2,700 hectares.
Megaworld has issued a P230-billion capital spending (capex) program for its communities and townships from 2014 to 2019. In 2014 alone, the developer has launched five new townships. Inspired by Beverly Hills, Alabang West is set to take shape in Las Piñas. In Davao, the eponymous Davao Park District is primed to become the newest business and investment hub. Downown south, there's Southwoods City, which sits pending between Cavite and Laguna. Another southern township, Suntrust Ecotown in Tanza, Cavite, has been announced; and there's Woodside City in Pasig, forthcoming.
Once completed, the five townships will tally up to roughly 1,000 hectares.