Megaworld Sales Up 89% for 2010
Megaworld Corp. (PSE: MEG) has reported sales of PhP49.68 billion for 2010, 89% more than the PhP26.3 billion it achieved in the previous year. The Megaworld group comprises three brands catering to different market segments, namely, Megaworld, Empire East and Suntrust.
Megaworld contributed PhP39.59 billion to the group’s 2010 sales. The amount came from Megaworld’s ongoing residential projects in Metro Manila including Eastwood City, McKinley Hill, Newport City and Manhattan Garden City. Megaworld’s sister companies, Empire East Land and Suntrust Properties, posted combined sales of PhP10.09 billion in 2010. Empire East and Suntrust are focused on medium-cost and affordable housing, respectively. Both developers have ongoing projects in Metro Manila and in the nearby growth centers of Cavite and Laguna.
Megaworld owes its phenomenal sales growth to its superior project portfolio and sterling track record in the Philippine property market. The company is a pioneering developer of integrated live-work-play-learn township communities in the country. It has five such mega-community projects on the rise in the most strategic locations 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. Once fully developed, these five mega-communities will be home to around 48,000 families and 202,000 BPO office workers.
Megaworld will complete delivery close to 5,700 units for 2011 in the following projects: 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.
Megaworld expects it rental income to exceed PhP4 billion for 2011. The company will complete Lucky Chinatown Mall which will have more than 108,000sqm of retail space by end 2011. The company will also complete more than 77,700 sqm of new office space to cater to the growing demand of BPO companies. Megaworld will also grow its rental portfolio of BPO Office developments and retail malls from 453,600 sqm in 2010 to around 639,400 sqm by end 2011.
Megaworld Group plans to embark on a massive homebuilding program that will roll out some 18,673 residential units with an aggregate floor area of more than 830,000 square meters in 2011.
Over the last two decades, the Megaworld Group has emerged as the country’s No. 1 real estate organization with more than 210 residential and office buildings completed with a total floor area of around 5.4 million square meters.