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MegaWorld increases Bacolod township capex to P45B

MEGAWORLD Corp. said it plans to increase the capital expenditure (capex) budget for its Bacolod townships to P45 billion, especially for its The Upper East development.

“We are adding P10 billion more to our investment in The Upper East as we see great potential and opportunities for this new township, which is now rapidly growing to become Bacolod’s first modern central business district,” Megaworld Visaya Vice President of Sales and Marketing Jennifer Palmares -Fong said in a statement Monday.

In 2015, Megaworld announced that they were spending P35 billion on developing two townships in Negros Occidental, which include the 50-acre Northill Gateway and the 34-acre The Upper East development.

For its The Upper East project, the company said it had completed the construction of the 12-story One Regis, its first condominium project to be completed within the year. The second tower, the 14-story Two Regis, is due 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 was formally opening Upper East Avenue, its eight-lane main street inside The Upper East.

Upper East Avenue consists of six lanes and two “on-street” parking lots. It is open to both private and public vehicles, subject to the traffic rules and the rules of its own property management group, which will send out traffic marshals around the area.

Secondary roads in The Upper East are now being completed, as well as an extensive network of bike paths inside the township to help promote efficient and convenient mobility.

“Our first BPO (business process outsourcing) development of office towers, No. 1 Upper East Avenue, has also begun its construction. Soon we will also begin the construction of our commercial developments in this township. In fact, there are exciting times ahead in The Upper East, ”said Ms. Palmares-Fong.

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% increase in net income attributable to shareholders to P13.4 billion due to strong property sales, office rentals and hotel revenues.

On the stock exchange, Megaworld shares fell 2.45% or seven centavos to close at P2.79 every Monday. – Luisa Maria Jacinta C. Jocson

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