CAGAYAN DE ORO CITY — Listed property giant Megaworld Corp. is stepping on the gas in its provincial expansion, rolling out a record ₱65 billion capital expenditure program for 2026. A major centerpiece of that nationwide push is the start of land development for “The Upper Central” — a sprawling 117-hectare township in the highlands of Cagayan de Oro.
₱65B Capex Fuels Provincial Push
The 30-percent hike from last year’s ₱50 billion budget is Megaworld’s largest-ever annual spending allocation, aimed squarely at accelerating township growth outside Metro Manila. In a disclosure to the Philippine Stock Exchange, the company said funds will be channeled into land acquisition, strategic land banking, and the continued rollout of existing projects and high-value investment properties.
“We are seeing opportunities ahead and look forward to sustained growth in the office, commercial, hospitality, and tourism sectors,” said Megaworld President and CEO Lourdes T. Gutierrez-Alfonso.
Upper Central: Megaworld’s 35th Township Takes Shape
The Upper Central, located along J.R. Borja Road in Barangays Gusa and Indahag, represents Megaworld’s 35th township — a milestone reached on the company’s 35th year in the industry. The project is being developed by Megaworld subsidiary Global-Estate Resorts, Inc. (GERI), which has allocated an initial ₱5 billion to build the integrated lifestyle community over the next 10 years.
Perched at elevations reaching up to 245 meters above sea level, the township offers panoramic views of Macajalar Bay and the Malasag Mountain Range. About 40 percent of the entire property will be dedicated to green and open spaces, including a central park, landscaped viewing decks, mountain and bike trails, and an adventure park.
A New Lifestyle District for Kagay-anons
Beyond residential villages, the township will feature a pedestrianized commercial and shophouse district, mixed-use developments, and its own town center. GERI President Monica T. Salomon described it as “a whole new lifestyle district in this higher part of Cagayan de Oro.”
Strategically, the site is just 10 to 15 minutes from downtown CDO and less than an hour from Laguindingan International Airport, making it highly accessible for future residents and visitors.
Why CDO? A Booming Economy Beckons
Megaworld’s aggressive entry into Cagayan de Oro is backed by hard data. The Philippine Statistics Authority ranks CDO as the second-richest highly urbanized city outside Metro Manila in terms of per capita GDP, while Oxford Economics places it third in the Philippines for largest urban economy, behind only Manila and Cebu.
“We have already set our eyes on Cagayan de Oro City because this is the gateway to many parts of Northern Mindanao. Now is the perfect time to take part in the booming real estate industry of this side of Mindanao,” said Megaworld Executive Director Kevin Andrew L. Tan.
Beyond CDO: A Nationwide Township Blitz
Initial land development activities this year will also focus on two other major provincial townships: Ilocandia Coastown in Ilocos Norte and Nascala Coast in Nasugbu, Batangas. Megaworld is also scaling up its residential, office, and retail footprint across Bacolod, Iloilo, Pampanga, Cavite, and Palawan, with a total of 19 residential projects valued at ₱65 billion set for launch this year alone.
On the hospitality front, five hotels are currently under construction nationwide, adding nearly 2,000 rooms to the company’s portfolio, with a target of over 9,000 room keys within three years.
A Lasting Impact for Kagay-anons
As land clearing and road construction commence this year, Megaworld officials emphasized the project’s broader mission. “As we develop this new township, our vision remains: to help uplift the lives of the community and also to help propel the local economy through the jobs that we create. We hope to impart this lasting impact to Kagay-anons and the rest of the people of Mindanao,” Gutierrez-Alfonso said.
