LISTED property developer Megaworld Corp. has allocated P8 billion to develop a 97-hectare (ha) township in Negros Occidental, banking on continued growth in the Visayas.
The project, called The Sugartown, is the company’s 37th township in the Philippines and its seventh estate in the Visayas, Megaworld said in a stock exchange disclosure on Monday.
The township will be located in Talisay City, Negros Occidental, with development expected to be completed over seven to 10 years.
The property is Megaworld’s third mixed-use development in 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., as well as a town center, commercial district, and tourism-related facilities.
Megaworld President and Chief Executive Officer Lourdes Gutierrez-Alfonso said the township aims to attract tourists, visitors, and local residents, citing its proximity to the Bacolod-Silay Airport Road.
“Our vision for this new township in Negros Occidental is to provide new opportunities to help boost tourism in the province,” she said.
The site will be less than five minutes from Talisay City Hall and about 15 minutes from the Bacolod City Government Center.
Megaworld’s expansion in Negros Occidental reflects its confidence in 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 future of this province is bright and we have seen the rise of mixed-use developments not just in the capital but also 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%, according to 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 four centavos to close at P2.20 apiece. — Beatriz Marie D. Cruz