MEGAWORLD Corp. said it plans to increase the capital expenditure (capex) budget for its Bacolod townships to P45 billion, particularly for its The Upper East development.
“We are adding P10 billion more to our investment for The Upper East as we see great potential and opportunities for this new township, which is now fast rising to be Bacolod’s first modern central business district,” Megaworld Visayas Vice-President for Sales and Marketing Jennifer Palmares-Fong said in a statement on Monday.
In 2015, Megaworld announced that it was spending P35 billion to develop two townships in Negros Occidental, which includes the 50-hectare Northill Gateway and the 34-hectare The Upper East developments.
For its The Upper East project, the company said it had completed the construction of the 12-storey One Regis, its first residential condominium project, which is due for turnover within the year. The second tower, the 14-storey Two Regis, is set to be completed next year.
Two more condominium towers are in the construction pipeline, One Manhattan and Herald Parksuites.
Meanwhile, the property developer announced that it formally opened the Upper East Avenue, its eight-lane main avenue inside The Upper East.
The Upper East Avenue is composed of six road lanes and two “on-street” parking lanes. It is open for both private and public vehicles, subject to the traffic rules and regulations of its own estate management group, which will deploy traffic marshals around the area.
Secondary roads within The Upper East are now being completed, as well as an extensive network of bike lanes inside the township to help promote efficient and convenient mobility.
“Our first BPO (business process outsourcing) office tower development, No. 1 Upper East Avenue, has also started its construction. Soon, we will also begin the construction of our commercial developments in this township. Indeed, exciting times are ahead in The Upper East,” Ms. Palmares-Fong said.
The Upper East will soon have its own Megaworld Lifestyle Mall, commercial parks, hotel, church, and other institutional and recreational facilities, the company said.
In 2021, Megaworld reported a 36% rise in net income attributable to equity holders to P13.4 billion due to strong real estate sales, office rentals, and hotel revenues.
At the stock exchange, Megaworld shares dropped by 2.45% or seven centavos to finish at P2.79 each on Monday. — Luisa Maria Jacinta C. Jocson