Porphycene with eight methoxy substituents at its beta-positions was synthesized for the first time in three steps from 3,4-dimethoxypyrrole. The presence of methoxy groups increases its hydrophilicity as evident from their increased solubility in methanol. Among its metallo-derivatives, the Pd(II)-complex displays efficient singlet oxygen quantum yield (73%) and hence can be a potentially good photosensitizer for photo-oxidation, DNA cleavage, and photodynamic therapy (PDT).