Riding high on a buoyant property market, Andrew Tan’s Megaworld Group said capital spending will reach a record high of P35 billion this year mainly for residential development.
The programmed capital budget is 40 percent higher than the previous year’s P25 billion.
Megaworld said the all-time high capex for 2013 reflects a bullish outlook on the real estate market. The group would launch more than 10 new projects in the first half of the year.
It has already completed more than 240 residential and office buildings with a total floor area of around 6 million square meters.
The group has sold more than P63.5 billion worth of residential projects last year, equivalent to a total sellable area of more than 550,000 sqm, up 71 percent year-on-year. — VS, GMA News
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