BusinessWorld
May 7, 2021 | 12:11 am
CAPITAL Town is Megaworldâs township in the city of San Fernando in Pampanga. â COMPANY HANDOUT
ANDREW L. Tanâs Megaworld Corp. increased its spending budget this year by 29% to P36 billion from P27.9 billion in actual capital expenditures (capex) in 2020 as it ârealignsâ project plans with pandemic restrictions to cater to the demand in the residential properties segment.
âThis is a very targeted [capex] program aimed at optimizing the use of our available cash during this time,â Kevin L. Tan, chief strategy officer at Megaworld, said in a statement on Thursday.
The majority or around 76% of the budget will be used for real estate developments, âparticularly on the construction of new residential properties.â
Published May 6, 2021, 4:30 PM
Township developer Megaworld Corporation is allocating P36 billion for capital expenditures (capex) this year, 29 percent higher than the P27.9 billion it actually spent in 2021.
In a disclosure to the Philippine Stock Exchange, the firm said it is realigning project developments with the restrictions brought about by the strict quarantine measures that affect construction movements as well as demand for residential properties especially in Metro Manila.
Around 76 percent of this year’s capex will be allocated for real estate developments, particularly the
construction of new residential properties, while the remaining 24 percent will be for investment properties.
“We remain cautious and prudent with our spending as we are still observing how the vaccination program will progress and where this pandemic will be leading us in the next few months,” said Megaworld Chief Strategy Officer Kevin L. Tan.
SunStar
+ May 06, 2021 TOWNSHIP developer Megaworld is allocating P36 billion for capital spending this year, as it realigns project developments with the restrictions brought about by the strict quarantine measures that affect construction movements as well as demand for residential properties, especially in Metro Manila.
This year’s capital expenditure (Capex) is 29 percent higher than the P27.9-billion actual spending last year. Around 76 percent will be allocated for real estate developments, particularly on the construction of new residential properties, while the remaining 24 percent will be for investment properties. No amount has been allocated for landbanking initiatives.
“We remain cautious and prudent with our spending as we are still observing how the vaccination program will progress and where this pandemic will be leading us in the next few months. This is a very targeted Capex program aimed at optimizing the use of our available cash during this
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