Megaworld sales soar 89% to P50b
by Jenniffer B. Austria
The Megaworld Group, comprising of three property units owned by business tycoon Andrew Tan, sold P49.68 billion worth of residential units in 2010, up 89 percent from P26.3 billion in 2009.
Megaworld Corp. said in a disclosure to the stock exchange that it contributed P39.59 billion to the group’s 2010 sales while sister companies Empire East Land and Suntrust Properties posted combined revenues of P10.09 billion.
Megaworld, which focuses on developing residential towers for middle-income households, said the bulk of last year’s sales came from residential projects in Metro Manila, including Eastwood City, McKinley Hill, Newport City and Manhattan Garden City.
Megaworld is a pioneering developer of integrated live-work-play-learn township communities in the country. It has five mega-community projects on the rise in Metro Manila, namely Eastwood City in Quezon City; McKinley Hill, McKinley West and Bonifacio Uptown in Fort Bonifacio; and Newport City in Pasay City.
The five mega-communities once fully developed will house more than 48,000 families and 202,000 BPO office workers.
“We have never been this bullish on the property sector, and we look forward to continued bright prospects not only in 2011 but long after that,” Megaworld chairman and president Andrew Tan said in a statement.
Megaworld said it aimed to deliver close to 5,700 residential units from Bellagio 3, Forbeswood Parkland Tower 2, Residential Resort in Newport City, Sarasota and Pinecrest, Stamford Executive Residences Tower 1, 2 and 3, Manhattan Parkway Tower 1 and 2, Cityplace Tower A and B, Greenbelt Chancellor, Greenbelt Excelsior and Greenhills Heights.
It expects rental income to exceed P4 billion this year as it adds more retail and as well as office space for business process outsourcing companies.
Megaworld by the end of 2011 will have completed Lucky Chinatown Mall, which will have more than 108,000 square meters of retail space and more than 77,700 sq. m. of new office space to cater to the growing demand of BPO companies.
The two projects will increase the rental portfolio of BPO office developments and retail malls from 453,600 sq. m. in 2010 to around 639,400 sq. m. by the end of 2011.
Megaworld Group earlier said it planned to embark on a massive homebuilding program that will roll out some 18,673 residential units worth P60 billion.