Feb. 13--MEGAWORLD Corp. is expanding its retail portfolio in a bid to hit its target of 771,000 square meters (sqm) of footprint by yearend.
In a regulatory filing on Tuesday, the Andrew Tan-led property developer said it would open 11 commercial properties across its townships that would cover about 54,000 sqm of gross floor area (GFA).
The retail spaces would open in the Iloilo Business Park in Iloilo City's Mandurriao district; Alabang West along Daang Hari in Las Piñas City; McKinley Hill and Uptown
Bonifacio in Taguig City; Arcovia City in Pasig City; Boracay Newcoast on Boracay Island, Aklan province; and Davao Park District in Lanang, Davao City.
Bulk of the GFA would be in Uptown Bonifacio, as it is set to open a new retail row at Uptown Mall and Uptown Parade.
Megaworld would also launch a retail development in Arcovia City and Alabang West.
"Every mall that we build has curated spaces that evoke the character of the township where it is located," Megaworld Chief Strategy Officer Kevin Tan said.
"We want to create commercial properties that are not just for shopping and dining, but those that help drive tourism," he added.
In the second half of 2018, Megaworld opened its P2.2-billion Festive Walk Mall in the Iloilo Business Park, which offers 90,000 sqm of retail spaces; and community malls Village Square in Muntinlupa City's Alabang district and Three Central and San Lorenzo Place in Makati City, which collectively offer 26,500 sqm of retail spaces.
Last month Megaworld announced that it would spend P65 billion this year, the bulk of which would be used to fund construction projects and the rest to buy land and invest in properties.
Shares of Megaworld dropped by 3 centavos or 0.57 percent to close at P5.20 each on Tuesday.
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