MANILA, Philippines - Tycoon Andrew Tan's Megaworld group is setting aside P35 billion in capital expenditures this year.
In a statement, the property developer said the record high capex is a sign of its bullish outlook on the Philippine market. Megaworld is getting ready to launch more than 10 new projects in the first half of 2013.
Last year, Megaworld sold more than P63.5 billion worth of residential projects, a 71% increase from the previous year's performance.
Reservation sales came from three brands - Megaworld, Empire East and Suntrust, which cater to luxury, middle-income and affordable segments respectively.
"Megaworld Corporation owes its phenomenal sales growth to its superior portfolio and sterling track record in the Philippine property market," the company said in a statement.
Megaworld is known for its "live-work-play-learn" township projects such as Eastwood City in Quezon City and Newport City in Pasay City.