LISTED builder Megawide Construction Corp. has earmarked up to P3 billion for capital expenditures (capex) in 2024 and plans to take advantage of the country's continued economic recovery.
LISTED builder Megawide Construction Corp. has earmarked up to P3 billion for capital expenditures in 2024 and plans to take advantage of the country's continued economic recovery.'For the group, we're looking at more or less P2.5–P3.0 billion this year,' Edgar Saavedra, Megawide chairman, president and chief executive officer, told reporters at the sidelines of a company event on Tuesday.The 2024 capex is higher than the actual spending of around P1 billion last year, he noted.
Given the weaker demand for office and commercial properties, Megawide is seeing growth in the residential segment, particularly the premium market that is less affected by high interest rates.'We did not feel that the demand for housing softened as many were still developing . The ultra-high-end is even stronger, while the lower affordable and socialized is getting robust,' Saavedra said.
Allots P3B For Capital Spending
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