Megaworld investing P10B in 8 new provincial malls

Tycoon Andrew Tan-led Megaworld Corp. is investing about P10 billion to build 8 new malls outside Metro Manila.

MANILA, Philippines — Tycoon Andrew Tan-led Megaworld Corp. is investing about P10 billion to build eight new shopping malls outside Metro Manila in the next three years, expanding its provincial footprint.

These new malls will add around 200,000 square meters of fresh retail space through 2022 in Cebu, Bacolod, Davao, Boracay, Cavite, and Pampanga, Megaworld disclosed to the Philippine Stock Exchange on Tuesday.

“For the next three years, the Megaworld Lifestyle Malls brand will be seen in key growth areas around the country as we continue to tap opportunities for our retail partners to further expand and grow their brands with us,” Megaworld chief strategy officer Kevin Tan said.

To date, the company has 17 lifestyle-oriented malls and a total retail space portfolio of around 710,000 square meters nationwide.

Among the malls that will be opened in the next two years is the Maple Grove Mall in General Trias, Cavite. This is envisioned to be a greenhouse-inspired mall surrounded with gardens and trees, in turn, seen to complementing the “green” vibe of the Maple Grove township.

Another upcoming mall is the Northill Town Center in Northill Gateway, Bacolod City, which is designed to showcase the “hacienda-style” town center reflecting the culture and economic history of Negros.

Among Megaworld’s flagship malls are Eastwood Mall in Quezon City; Uptown Mall, Venice Grand Canal, and Forbes Town in Taguig City; Newport Mall at Resorts World Manila in Pasay City; Lucky Chinatown in Binondo; Southwoods Mall in Biñan, Laguna; and, Festive Walk Mall in Iloilo City.