Megaworld funnels P3.4 B into 3 townships

Property giant Megaworld Corp. is using the P3.4 billion proceeds from its block sale of MREIT shares in July and September to expand its three township developments.

- By RICHMOND MERCURIO

Megaworld said it intends to reinvest the MREIT share sale proceeds to add new income-generating assets, office towers, lifestyle malls, and hotels on its three township developments, namely The Upper East in Bacolod, The Mactan Newtown in Cebu and Paragua Coastown in Palawan.

"These three provincial townships, while different in scale and themes, have huge potential for tourism, which will drive business into these localities. We hope to be able to expand our offerings that can generate more jobs and help boost tourism in these exciting destinations," Megaworld president and CEO Lourdes Gutierrez-Alfonso said.