MANILA -- Property developer Megaworld Corporation is set to launch six more townships between now until next year, as it eyes a real estate investment trust (REIT) offering of its townships.
Megaworld chief strategy officer Kevin Tan said the company is studying REIT and is “carefully watching” its final implementing rules and regulations (IRR).
“The current one that we have right now with the very high public ownership requirement is not something that interests us. But the revised one, the one they are in the process of passing, that’s interesting for us. That’s a possibility we might be looking at,” he told reporters Monday after the company’s 25th listing anniversary at the Philippine Stock Exchange (PSE).
The REIT Act was enacted in 2009 to encourage the investing public to invest in property projects and to further develop the capital market. The measure, however, has not moved forward on issues like minimum public ownership and taxation.
Tan also bared that the firm is considering various options, being the largest hotel and office developer, and one of the largest mall developers in the country.
“We can do pure office REIT, or a township REIT, or even hospitality so we are studying it right now. We have not decided yet,” he added.
Meanwhile, Tan said five of the new expansive townships and lifestyles communities to be launched are in Luzon, while one is in Mindanao.
“We are quite excited with all the developments that are happening especially with all the infrastructure that’s coming in north side of Luzon as well as the southern side of Luzon, in a way we are positioning ourselves already,” he said.
At present, Megaworld already has 24 townships and lifestyle communities spread across the country.
“Currently, we have a little over 4,000 hectares of both developed and developable land. By next year, we will increase our land ownership and land holding to more than 6,000 hectares as we continue to focus on our goal to expand to key growth areas in the provinces; help boost tourism, provide jobs, and further spur economic opportunities outside of Metro Manila,” he added. (PNA)
