Investment properties boost Megaworld
The Philippines’ biggest developer of integrated urban townships and largest lessor of office spaces, Megaworld, achieved a net income of P10.34-billion during the first nine months of this year, up 12 percentcompared to P9.27-billion during the same period last year.
Revenues from investment properties soared 19 percent year-on-year during the first three quarters of the year, pulling up the company’s nine-month earnings. The company’s robust rental income also helped sustain earnings growth on the back of strong office and commercial leasing businesses. The first three quarters saw its rental income surging to P8.82billion from P7.41-billion during the same period last year.
Residential revenues remained steady while hotel revenues were up 8 percent year-on-year. “There is a brighter side for our residential business as we have started the bulk of our unit turnovers in Makati and Fort Bonifacio this year,” says Megaworld senior vice president and treasurer Francis Canuto. “Our rental business remains to be a key contributor to our consistent growth, and we see this to become stronger in the coming years as we complete more office and commercial buildings as well as malls in our townships across the country.”
Canuto also cited a remarkable growth in the company’s hotel business as it opens more hotels in Metro Manila, Boracay, Iloilo, Cebu and Tagaytay. Megaworld currently has a roster of 22 integrated urban townships and integrated lifestyle communities across the Philippines, namely: Eastwood City in Quezon City, Newport City in Pasay City, McKinley Hill, McKinley West, Uptown Bonifacio and Forbes Town, The Mactan Newtown in Cebu, Iloilo Business Park and Sta. Barbara Heights both in Iloilo,Boracay Newcoast in Boracay Island, Twin Lakes in Tagaytay, ArcoVia City in Pasig City,Southwoods City in the boundaries of Cavite and Laguna, Davao Park District in Lanang, Davao City, Alabang West in Las Piñas City, Suntrust Ecotown and Maple Grove both in Cavite; The Upper East in Bacolod City; Northill Gateway in Bacolod-Talisay, Negros Occidental; Capital Town in the City of San Fernando, Pampanga; Westside City in Parañaque City; and Eastland Heights in Antipolo, Rizal.