Megaworld allots PHP300bn to buy more land for BPO offices
Property developer Megaworld has reserved PHP300 billion in capital spending for 2020 to 2024 to purchase more land to cater to the rising office space demand from the business process outsourcing (BPO) sector outside Metro Manila. Kevin Andrew L. Tan, Megaworld senior vice president for commercial division, said the company will add 2,000 hectares of land by next year to drive its expansion, amid the continued growth of the BPO industry.
Tan said Megaworld also plans to begin selling office space to BPO firms outside the capital, instead of only renting space to them. This is a format that the company will expand due to higher margins and strong demand.
The company said it will spend 65% – PHP196 billion – of its capex allocated for residential and investment projects that include offices, malls and hotels. The remaining 35% will be used for land acquisition and land banking.