Megaworld eyes 20 new malls

Listed property developer Megaworld Corp. is launching 20 new malls in the next five to eight years within its existing township developments, chair and founder Andrew Tan said on Wednesday.

Tan, in a prepared speech during the 18th Outstanding Filipino Retailers & Shopping Centers of the Year Award by the Philippine Retailers Association, said the projects were covered by the P230 billion that the company would spend through 2019. The amount is exclusive of the development costs for the new five townships that the company will launch this year, he said.

“These malls and commercial centers will primarily cater to the residential and BPO (business process outscoring) communities inside our townships,” said Tan.
The PRA awarded the businessman the title “Pillar of Mixed-Use Developments” for pioneering concepts developed by Megaworld, a unit of holding firm Alliance Global Group Inc.

“By 2020, we expect to increase our total population by 150 percent in all of our urban townships, which will reach at least 1-million,” Tan said.

At present, Megaworld has around 250,000 residents and 150,000 BPO and office workers in all of its existing townships, he said. The number of BPO workers accounts for around 15 percent of the total BPO population in the country, which now stands at about 1 million.

Tan, in his speech, said its 20 townships across the country would be home to about 600,000 condominium and village residents and 400,000 BPO and office workers.

Megaworld started its commercial and retail business when Eastwood City was established in 1999.

Recognized as the Philippines’ first urban township and cyberpark, Eastwood City in Bagumbayan, Quezon City is now home to almost 25,000 condominium residents and around 70,000 BPO and office workers.