Cost-optimization through the minimization of hardware and processing costs with minimal loss in performance is an interesting design paradigm in evolving and emerging Multiple-Input-Multiple-Output (MIMO) radar systems. This optimization is a challenging task due to the increasing Radio Frequency (RF) hardware complexity as well as the signal design algorithm complexity in applications requiring high angular resolution. Towards addressing these, the paper proposes a low-complexity signal design framework, which incorporates a generalized time multiplex scheme for reducing the RF hardware complexity with a subsequent discrete phase modulation. The scheme further aims at achieving simultaneous transmit beamforming and maximum virtual MIMO aperture to enable better target detection and discrimination performance. Furthermore, the paper proposes a low-complexity signal design scheme for beampattern matching in the aforementioned setting. The conducted performance evaluation indicates that the listed design objectives are met.