Property giant Megaworld, the Philippines’ leading
developer of integrated urban townships and the biggest lessor of office
spaces, grew its net income by 12.13% to P2.63-billion in the first
quarter of 2016, from P2.35-billion during the same period last year.
Megaworld's rental business boosted the company's first quarter
growth, with revenues soaring to an all-time high of P2.29-billion, 15.18%
higher than P1.97-billion in the same period last year.
"We have sustained our
expansion plans for our office and mall businesses, which bolstered our rental
revenues. In the next five years, we see our rental businesses become the key
driver of our growth as we expect a continuing momentum in consumer spending
and a remarkable growth in BPO revenues," says Francis Canuto, treasurer,
Megaworld.
The
company earlier announced that rental revenues will hit the P11-billion
mark by the end of the year.
Consolidated revenues of the
Megaworld Group, which includes its subsidiary brands Global-Estate Resorts,
Inc. (GERI), Empire East Land Holdings, Inc. and Suntrust Properties, Inc.,
amounted to P11.46-billion for the first three months of the year, up 9.49%
from P10.47-billion in the same period last year.
Residential sales continued to
grow in the first three months of the year. The company's residential business
soared to P6.86-billion, up 10-percent from P6.24-billion in the same period
last year.
"We continue to innovate
our residential offerings that adapt to the diverse characteristics of each
township that we build. That is why we are able to sustain the growth in our
residential business," explains Canuto.
“Megaworld has laid out its
groundwork of growth by making sound decisions and thorough planning of the
vast land bank that we have. This year, we will continue to strengthen, if not
expand, our township footprint, where we can build more residential,
office and mall developments. Our healthy first quarter results is indicative
of another positive outlook for 2016,” reveals Canuto.
Megaworld now has 20
integrated urban township developments across the Philippines, namely:
Eastwood City in Quezon City, (18.5 hectares); Newport City in Pasay City (25
hectares); McKinley Hill (50 hectares), McKinley West (34.5 hectares), Uptown
Bonifacio (15.4 hectares) and Forbes Town Center (5 hectares), all in Fort
Bonifacio; The Mactan Newtown in Cebu (28.8 hectares);
Iloilo Business Park (72 hectares) and Sta. Barbara Heights (173 hectares),
both in Iloilo; BoracayNewcoast in Boracay Island (150 hectares); Twin Lakes in
Tagaytay (1,300 hectares); ArcoVia City in Pasig City (12.3 hectares);
Southwoods City in the boundaries of Cavite and Laguna (561 hectares); Davao
Park District in Lanang, Davao City (11 hectares); Alabang West in Las Piñas
City (62 hectares); SuntrustEcotown in Tanza, Cavite (350 hectares) and The
Upper East (34 hectares) and Northill Gateway (50 hectares) both in Negros
Occidental; a vast property beside the Pampanga Provincial
Capitol in the City of San Fernando (35.6-hectares); and Westside City in the
Entertainment City in Paranaque (31 hectares).
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