Megaworld to spend P30B to build more offices

Megaworld, one of the leading property builders,  is spending P30 billion over the next  five years to build more office spaces around the country.

Kevin Tan, president and CEO of Megaworld parent Alliance Global Group,  said they plan to open some 50,000 square meters of office inventory in Bacolod, Iloilo, and Cebu.

This in addition to the 60,000 square meters has already opened in Enterprise One in Iloilo Business Park, No. 1 Upper East in The Upper East Bacolod, and Pasudeco Tower in Capital Town Pampanga.

The company said more offices will soon be built in Bulacan, Cebu, Davao, Metro Manila, and other areas where Megaworld townships will be built.

Tan said they are optimistic about the office sector in the Philippines because more international companies continue to come into the country either to establish their presence or expand operations.

“We see a significant spike in demand for office spaces, not just among BPO companies, but even from traditional tenants as well,” Last week, both Aseana City developer DM Wenceslao, and SM Offices also said they are building more offices to meet projected demand.

Megaworld currently has 1.6 million square meters of leasable office space. It wants to have 2 million square meters of gross leasable office space by 2030.