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New Malls Expand Megaworld Retail Space Portfolio

By Author: Arra B. Francia
Total Articles: 39

MEGAWORLD Corp. recently opened three new community malls in Makati City and Alabang, adding 26,500 square meters (sq.m.) of retail spaces to its portfolio.
In a statement issued over the weekend, the listed property developer said San Lorenzo Place and Three Central in Makati City, and The Village Square in Alabang are now operational. The new malls are touted as “neighborhood commercial centers” that supply the needs of residents who live nearby.
“Smaller than the usual full-scale malls, our community malls still bear the signature brand of our Megaworld Lifestyle Malls. They primarily cater to the surrounding communities of each location, providing accessibility to a variety of dining, shopping, wellness and service options,” Megaworld Senior Vice-President and Head of Lifestyle Malls Kevin Andrew L. Tan said in a statement.
San Lorenzo Place, located along EDSA Corner Chino Roces Avenue in Makati City stands two stories tall, and has Shopwise Express as its supermarket operator. The mall also houses National Book Store, The Medical City Clinic, restaurants, coffee shops, health and wellness stores, and laundry shops, among other tenants.
Also located in Makati is Three Central, at the podium area of the Three Central residential condominium along Valero Street in Salcedo Village. The two-storey mall’s locators include the Marketplace by Rustan’s Supermarket, restaurants, coffee shops and health and wellness shops targeted toward residential and office communities within the area.
Meanwhile, The Village Square Alabang houses SM Supermarket, DIY Store, and a number of restaurants and fastfood chains. The two-level mall is connected to a 12-storey business process outsourcing (BPO) office tower and a four-level parking facility.
With the new mall openings, Megaworld now has 17 full-scale and community malls under the Megaworld Lifestyle Malls brand. Its most recent full-scale mall opening was the Festive Walk Mall in Iloilo Business Park. The company’s first full-scale mall outside Luzon spans 90,000 sq.m. of retail and commercial spaces.
The property firm of tycoon Andrew L. Tan targets to end the year with a total of 18 shopping malls, keeping it on track to hit 28 malls by 2020. Megaworld earlier said it plans to put up malls in all its townships, alongside some smaller properties across the country.
This will support Megaworld’s goal of generating P20 billion in recurring income by 2020, by which time total rental space will have reached 2.5 million sq.m.
Megaworld is included under Mr. Tan’s Alliance Global Group, Inc., which also has core interests in liquor, gaming, and quick- service restaurants.
The company’s attributable profit climbed 11% to P3.2 billion in the first quarter of 2018, following a 10% increase in revenues to P13.1 billion for the period. — Arra B. Francia

For more information, please visit us at www.megaworldproperties.com

Total Views: 17Word Count: 439See All articles From Author

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