MANILA, Philippines — Property giant Megaworld Corp. of tycoon Andrew Tan saw its net income went up by 11 percent to P9.81 billion in the first half, driven by the strong performance of its diverse business segments.
Net income attributable to shareholders of the parent company during the six-month period grew by nine percent to P8.55 billion.
Megaworld generated a total of P39.1 billion in revenues during the period, up 22 percent year-on-year.
Megaworld president Lourdes Gutierrez-Alfonso said the company continues to see robust demand for its residential properties outside of Metro Manila.
“Before the year ends, we hope to launch more projects in the provinces as we remain on track to finish 2024 with 35 townships,” she said.
Real estate sales surged by 30 percent to P24.82 billion in the first half fueled by strong bookings and high demand for residential properties in various township developments, particularly in Taguig City, Cavite, Bulacan, Palawan and Cebu.
Megaworld launched P18 billion worth of residential projects in the second quarter alone.
These include 9 Central Park – West Wing at Northwin Global City in Bulacan, One Portwood Residences at Newport City in Pasay City, CostaVida Residential Resort at The Mactan Newtown in Lapu-Lapu City, Lialto Beach and Golf Estates – Phase 1 at Lialto Beach and Golf Estates in Lian, Batangas as well as Sonrisa Gardens at Baytown Palawan in Puerto Princesa.
The resurgence of the meetings, incentives, conventions and exhibitions (MICE) activities and local tourism, on the other hand, boosted revenues from Megaworld Hotels & Resorts by 38 percent to P2.36 billion during the first half.
Megaworld last April started the construction of the P1.5-billion Mactan Expo Center, the first and only standalone convention center in the entire province of Cebu that features a 2,500-seating capacity ideal for MICE events.
Last June, it also inaugurated the 1,530-room Grand Westside Hotel in Parañaque, the biggest hotel in the Philippines.
Leasing revenues, meanwhile, improved by six percent increase year-on-year to P9.33-billion.
Higher tenant sales and increased foot traffic propelled Megaworld Lifestyle Malls’ revenues by 19 percent to P3.02 billion.
As of end-June, Megaworld said occupancy rates remained high at 93 percent.
New store openings in various Megaworld Lifestyle Malls across the country covering about 17,400-square meters of space were made during the first half.
For Megaworld Premier Offices, revenues remained stable at P6.31 billion despite the headwinds faced by the office industry.
Megaworld said it notched new leases of office spaces totaling about 55,000 square meters during the first half, mostly in McKinley Hill, Eastwood City, and The Mactan Newtown.
Occupancy rate across its office developments stood at 87 percent, higher than the current industry average.
Megaworld has 33 master planned integrated urban townships, integrated lifestyle communities and lifestyle estates spanning over 5,300 hectares across the country to date.
Be the first to comment