Megaworld eyes Php11bn rental income this year

Philippine property giant Megaworld Corporation is expecting a Php11-billion rental income this year, with the bulk of the income coming from the Information Technology and Business Process Outsourcing (IT-BPO) sector. To achieve its income-generation goal, Megaworld is expanding aggressively its office and mall portfolio, adding 650,000 square meters of gross floor area. Megamall has over 150 companies in its portfolio of office tenants, most of which are from the IT-BPO sector. For the office segment, the property giant is targeting the completion of at least 10 office towers this year, which will add 287,500 square meters of gross floor area to the market. According to Megaworld senior vice president Jericho Go, both offices and retail spaces enjoy very high occupancy rates of around 99%.