ANDREW Tan-led property developer Megaworld Corp. is looking to launch two to three townships next year following the successful launch of its 35th township, The Upper Central, through subsidiary Global -Estate Resorts Inc. (GERI).
In an interview with reporters last week, Alliance Global Group, Inc. (AGI) president and CEO Kevin Tan said “we’re still finalizing [how many launches] next year, but I think we’ll look at [the very] least two to three, minimum, next year for launches.”
AGI is the parent company of Megaworld, which this year launched four townships to mark its 35th year.
In May, the company launched the P5-billion 150-hectare Lialto Beach and Golf Estates on the coastline of Lian, Batangas.
Its 33rd township is the 25-hectare integrated wellness township San Benito Private Estate, in partnership with The Farm at San Benito.
Ilocandia Coastown was launched in November as the company’s 34th development, located on an 84-hectare property at the western coastline of Laoag City.
Earlier this month, Megaworld through GERI said it would be developing the P5-billion, 117-hectare The Upper Central in Cagayan de Oro City.
Tan also said that construction for a $ 30-million Boracay casino resort would start next year.
The casino resort is part of an entertainment complex that is said to be smaller in size and capacity than the Newport Complex in Pasay City.
“We’re going to start construction next year … and we’ll finish it before the year 2026,” Tan said.
He said that the company had already secured a license from the Philippine Amusement and Gaming Corporation.
Alliance Global is aiming to expand its hotel room keys by over 12,000 by 2028 and launch more tourism-focused hotel projects.
Megaworld Hotels and Resorts currently has 7,700 room keys across Metro Manila and major tourist destinations in the country, such as Cebu, Iloilo, Boracay, and soon Bacolod.
For residential launches, Tan said “I don’t have a number for that,” but explained that “our residential business still continues to be strong, especially in the luxury segment.”
“So, we continue to be very bullish on that, and the interest rates keep going down,” he added.
Megaworld’s nine-month net income rose by 16 percent to P15.69 billion from P13.5 billion as consolidated revenues rose by 23 percent to P59.78 billion due to higher revenue recorded across all its segments.
Shares of Megaworld on Friday rose by 3 centavos, or 1.42 percent, to P2.15 apiece.
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