LISTED property developer Megaworld Corp. has allocated P8 billion to develop a 97-hectare (ha) township in Negros Occidental, banking on continued growth within the Visayas.
The project, called The Sugartown, is the corporate’s 37th township within the Philippines and its seventh estate within the Visayas, Megaworld said in a stock exchange disclosure on Monday.
The township might be positioned in Talisay City, Negros Occidental, with development expected to be accomplished over seven to 10 years.
The property is Megaworld’s third mixed-use development within the Negros Island Region, following the 53-ha Northill Gateway and the 34-ha township The Upper East.
The Sugartown will feature premium residential developments under Megaworld and its wholly owned subsidiary Suntrust Properties, Inc., in addition to a town center, business district, and tourism-related facilities.
Megaworld President and Chief Executive Officer Lourdes Gutierrez-Alfonso said the township goals to draw tourists, visitors, and native residents, citing its proximity to the Bacolod-Silay Airport Road.
“Our vision for this latest township in Negros Occidental is to offer latest opportunities to assist boost tourism within the province,” she said.
The positioning might be lower than five minutes from Talisay City Hall and about quarter-hour from the Bacolod City Government Center.
Megaworld’s expansion in Negros Occidental reflects its confidence within the region’s growth, Alliance Global Group, Inc. President and Chief Executive Officer Kevin L. Tan said.
“With the Negros Island Region already in place, the longer term of this province is vibrant and now we have seen the rise of mixed-use developments not only within the capital but additionally in other towns and cities,” he said.
The Negros Island Region’s economy grew by 5.9% in 2024, faster than the national average of 5.7%, based on data from the Philippine Statistics Authority.
Megaworld reported a 1.16% increase in third-quarter attributable net income to P5.23 billion, driven by the strong performance of its hotel and residential segments.
On Monday, Megaworld Corp. shares rose by 1.85% or 4 centavos to shut at P2.20 apiece. — Beatriz Marie D. Cruz