MANILA - Megaworld Corp is eyeing the launch of its real estate investment trust (REITs) in the second quarter of 2021 saying it remains optimistic about the country's property market despite the COVID-19 pandemic.
"We’re looking to launch REIT by the second half. I can’t say much, you have to wait for the announcement but I can tell you it’s going to be big," Megaworld chief strategy officer Kevin Tan told ANC.
Despite the pandemic, Tan said the company has been seeing strong demand from Pampanga, Cavite, Bacolod and Iloilo.
"Our outlook is pretty optimistic. The property sector has remained resilient through the pandemic. What really excites us though is the growth that we’re seeing outside Metro Manila especially in places where Megaworld operates," Tan said.
There are "robust take-ups" driven by growth outside Metro Manila, he said.
Iloilo, for example, is a "bright spot" for the growing BPO sector due to the number of talents originating from the area.
Megaworld had 270,000 square meters of office space lease transactions last year, while this year's target is at 300,000 sqm, he said.
"So our general sentiment is very much optimistic and we're excited about all new investments that are happening outside Metro Manila," he said.
When asked whether he was optimistic about the COVID-19 recovery, Tan said it depends a lot on how quickly the country could achieve herd immunity.
The Philippines, which aims to inoculate 70 million of its over 100 million population, began its vaccination drive in March.