Megaworld 9-month profit rose 192% to P19-B
Real estate giant Megaworld posted a net income of P19.03 billion (inclusive of the P11.62-billion non-recurring gain from the acquisition and sale of a subsidiary and associate) for the first nine months of 2014, 192 percent higher than the P6.52-billion posted for the same period in 2013, due to strong residential sales in its various townships, particularly in Newport City, Uptown Bonifacio, McKinley Hill and Eastwood City, as well as higher leasing income from its office and retail portfolio.
“We are confident that Megaworld can achieve another record year for 2014 as we further expand our township developments all over the country,” said Dr. Andrew L. Tan, chairman and CEO, Megaworld.
Megaworld’s rental income from its office developments and lifestyle malls surged to a record P5.2 billion in the first nine months of 2014, a 20 percent jump from P4.34 billion in the same period last year.
Total revenues of Megaworld and its subsidiaries Global-Estate Resorts, Inc. (GERI), Empire East Land Holdings and Suntrust Properties amounted to P41.86 billion for the first nine months of this year, up 57 percent from P26.68 billion for the same period last year.
Megaworld and its subsidiaries also posted P70.2 billion in reservation sales in the first nine months of 2014, an 11 percent increase from P63-billion year-on-year.
Last June, the consolidation of Tan’s real estate companies under Megaworld was completed with the acquisition of a 49.2 percent stake in GERI by Alliance Global Group, Inc., Tan’s holding company, and one of the country’s largest conglomerates. The acquisition brings Megaworld’s majority stake in GERI up to 80.4 percent and increases the developer’s total land bank to around 4,000 hectares.
The entire Megaworld group launched a total of 19 residential projects during the first nine months of 2014.
|Southwoods City in Cavite|
Megaworld launched eight projects: Salcedo Skysuites and Greenbelt Hamilton Tower 2 in the Makati CBD; The Venice Luxury Residences’ Fiorenzo Tower, The Florence Tower 2 and Viceroy East Tower in McKinley Hill, Fort Bonifacio; St. Moritz Private Estate in McKinley West, also in Fort Bonifacio; Lafayette Park Square in Iloilo Business Park; and Mactan Belmont Luxury Hotel at The Mactan Newtown in Cebu.
Empire East, on the other hand, launched four projects, namely: Mango Tree Residences East and West Tower in San Juan City, Kasara Urban Residences Tower 5 in Pasig City, and Pioneer Woodlands Park 2 in Mandaluyong City.
Suntrust unveiled five projects: Suntrust Ascentia and Suntrust Solana in Manila, Suntrust Amadea in Quezon City, 88 Gibraltar in Baguio City, and Siena Hills in Lipa, Batangas.
GERI, for its part, launched Pahara Residential Village at Southwoods City and the 62-hectare Alabang West, both located south of Metro Manila.
Megaworld is set to further solidify its position as the leader in office developments in terms of total office space inventory by completing another 112,000 square meters of office space this year. By the end of 2014, with the completion of new state-of-the-art office towers in Uptown Bonifacio, The Mactan Newtown, and Iloilo Business Park, the company will have around 712,000 square meters of office space in its portfolio.
|Iloilo Business Park|
On the retail side, Megaworld is set to complete additional commercial and retail space at the Venice Grand Canal Mall in McKinley Hill, as well as several commercial strips at The Mactan Newtown. Megaworld currently has 304,083 square meters of commercial and retail space in its portfolio.
Megaworld pioneered the live-work-play-learn lifestyle concept in mixed-use communities, popularly known as townships, in the Philippines.
To date, the Megaworld group has 15 townships in the most strategic locations in the country. These are the 18-hectare Eastwood City, the country’s first-ever cyber park; the 50-hectare McKinley Hill in Fort Bonifacio; the 25-hectare Newport City in Pasay City; the 5-hectare Forbes Town Center in Fort Bonifacio; the 28.8-hectare The Mactan Newtown in Lapu-lapu City, Mactan, Cebu; the 15.4-hectare Uptown Bonifacio in Fort Bonifacio; the 34.5-hectare McKinley West in Fort Bonifacio; the 12.3-hectare Woodside City in Pasig City; the 11-hectare Davao Park District in Davao City; the 72-hectare Iloilo Business Park in Iloilo City; the 350-hectare Suntrust Ecotown of its wholly-owned subsidiary Suntrust; GERI’s 561-hectare Southwoods City on the boundaries of Cavite and Laguna; the 150-hectare Boracay Newcoast in Boracay Island; the 1,300-hectare Twin Lakes in Tagaytay; and the 62-hectare Alabang West.
Over the past 25 years, the Megaworld group has emerged as the country’s No.1 real estate organization. It has completed more than 340 residential and office buildings with a total area of around 5.8 million square meters. Currently, about 200 residential, office and hotel buildings with a total area of around 6-million square meters are under development. (PR)