Megaworld to invest P30B in offices over five years

Property giant Megaworld plans to invest P30 billion over the next five years to expand its office portfolio and enhance existing properties nationwide.

The company will open an additional 50,000 square meters of office space in Bacolod, Iloilo, and Cebu this year, bringing its total leasable office space to approximately 1.6 million square meters.

Megaworld has already opened 60,000 square meters of office inventory in various locations including Enterprise One in Iloilo Business Park, No. 1 Upper East in The Upper East Bacolod, and Pasudeco Tower in Capital Town Pampanga.

Kevin L. Tan expressed optimism about the growing demand for office spaces from both international companies and traditional tenants, noting a significant spike despite challenges like the ban on Philippine Offshore Gaming Operators (POGOs).

Megaworld aims to have 2 million square meters of gross leasable office space by 2030, with its new developments being LEED-registered and certified, featuring sustainability features and amenities.

Part of the investment will also be allocated for the redevelopment and renovation of existing office properties.