MANILA—Real estate giant Megaworld Corp. is completing about one million square meters of fresh rental inventory in a bid to bring its rental income to Php 20 billion by 2020.
In the next three years, the company will build office, lifestyle malls and commercial spaces around its 22 townships and integrated lifestyle communities across the country. This will bring the company’s total rental space inventory to more than 2.5 million square meters by 2020.
“While we remain strong in our residential condominium business, it is also imperative for us to also fortify our rental portfolio. This direction will not only allow us to become a stronger and more sustainable company, but at the same time, we address the increasing demand for these spaces in our various townships,” said Megaworld senior vice president Jericho Go.
By 2020, Megaworld will have around 1.5 million square meters of expansive office space inventory across the country.
Megaworld currently has over 130 companies in its office rental portfolio, occupying around 850,000 square meters of offices spaces, making it the biggest lessor of office spaces in the entire country.
“On the commercial side, as population in all of Megaworld townships is expected to also balloon to 1,000,000 by 2020, we expect a tremendous growth in consumer spending especially on food, so we are prepared to address that,” said Go.
By 2020, around 18 new malls and commercial centers in various Megaworld townships all over the country will be completed, covering close to 390,400 square meters of fresh retail spaces.
This will bring the company’s total commercial and retail space inventory to 1.17 million square meters covering a total of 30 lifestyle malls and commercial establishments nationwide.
In 2015, Megaworld recorded a rental income of Php9 billion.