Megaworld to Invest P30B in Office Expansion Over 5 Years, Eyes 2M sqm by 2030

Megaworld Corporation is set to invest ₱30 billion over the next five years to grow its office space portfolio, targeting a total of 2 million square meters of gross leasable area (GLA) by 2030.

According to a regulatory filing, Megaworld will roll out 50,000 sqm of new office space this year in key provincial areas including Bacolod, Iloilo, and Cebu. The developer also plans to build more offices in Bulacan, Pampanga, Davao, Metro Manila, and other emerging townships nationwide.

Currently managing 1.6 million sqm of leasable office space, Megaworld is banking on the steady demand from BPOs, traditional corporate tenants, and international companies expanding in the Philippines.

“There’s a noticeable uptick in office demand—not just from outsourcing firms, but also from traditional sectors,” said Kevin Tan, CEO of Alliance Global Group, Megaworld’s parent company.

The move comes despite a softening office market, with data from Leechiu Property Consultants showing 690,000 sqm of vacated space in 2024, largely due to the POGO ban. Overall, the country now has 3.3 million sqm in vacancies versus 1.1 million sqm in demand.

Megaworld also opened new towers this year in provincial townships, including Enterprise One in Iloilo Business Park, No. 1 Upper East in Bacolod, and Pasudeco Tower in Pampanga.

The company posted a record ₱21.67 billion net income in 2024, up 12% year-on-year, on consolidated revenues of ₱81.87 billion.

Megaworld previously announced plans to launch at least two new townships spanning over 300 hectares in Luzon and the Visayas this year.