AGI sets P240B capital spending program through 2020
Tycoon Andrew Tan?s Alliance Global Group Inc. (AGI) has earmarked P240 billion for its capital expenditures over the next three years, largely to build more residential buildings, offices, hotels and malls.
The money will also be used to beef up the group?s landbank as well as boost the number of McDonald?s stores across the country.
?We are mindful of the current domestic and global economic developments, but we remain cognizant of the vast opportunities in the market, hence, our continued aggressive capital spending,? said Kevin L. Tan, CEO of AGI.
In the past 10 years, AGI budgeted around P470 billion for its capex, 80 percent of which was spent over the last five years as it embarked on an ambitious expansion program.
Property arm Megaworld Corp. rolled out around P200 billion worth of residential projects and added 800,000 square meters in gross leasable area for its office and lifestyle malls businesses.
It is aggressively expanding its hotel portfolio to boost its room inventory to 12,000 in the next few years in support of the government?s thrust to attract 10 million tourists by 2020.