Megaworld,
the Philippines’ biggest developer of integrated urban townships and the
largest lessor of office spaces, achieved a net income of P6.03-billion during
the first half of 2016, 11% higher than P5.43-billion during the same period last
year. The company’s sustained earnings growth continues to be driven by its aggressive
focus on township developments not only in Metro Manila but also in the
provinces.
“The government’s
thrust to expand economic opportunities to the regions is parallel to Megaworld’s
direction in expanding its developments outside of Metro Manila where the
company is already strong. The beauty behind our diversification story is that
it is intrinsically part of our drive towards nation building— we bring growth
where we are headed,” says Francis Canuto, treasurer,
Megaworld.
Megaworld’s
stellar performance in its rental business, which includes offices, malls and
commercial centers, remained to be the primary contributor to the sharp growth
in the first half earnings.
Rental
income soared 15% in the first six months of the year to P4.84-billion compared
to P4.21-billion in 2015.
On
the average, the company is scheduled to deliver around 150,000 square meters
of office spaces and around 75,000 square meters of commercial spaces annually
until 2020. It is scheduled to breach the 1-million square meter mark in terms
of total leasable space this year, and will have doubled that by end of
2020.
Megaworld
earlier announced that it is mapping out the so-called ‘Visayas BPO Triangle’ by
strengthening its office developments in the key cities of Iloilo, Cebu, and
Bacolod where the company is presently building its townships in the Visayas.
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| Iloilo Business Park (Photo credit: Megaworld) |
By
2020, Megaworld will open eight new office towers in Iloilo Business Park, The
Mactan Newtown and The Upper East in Bacolod to reach its around 200,000 square
meters of office spaces in the Visayas BPO Triangle, generating around 50,000
direct jobs in the BPO sector.
“Creating
the Visayas BPO Triangle allows us to streamline our growth strategy in our
rental portfolio. We see a sharp demand for office spaces from the BPO sector
in these three Visayan cities in the next three to five years as more graduates
become part of the local workforce,” explains Canuto.
Meanwhile,
consolidated core revenues of the Megaworld Group, which includes subsidiary
brands Global-Estate Resorts, Inc. (GERI), Empire East Land Holdings, Inc. and
Suntrust Properties, Inc., amounted to P23.03-billion for the first half of 2016,
up 5% from P22.01-billion during the same period in 2015.
Megaworld already has 21 integrated urban township developments across the
Philippines, namely: Eastwood City in Quezon City, (18 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 (30 hectares);
Iloilo Business Park (72 hectares) and Sta. Barbara Heights (173 hectares),
both in Iloilo; Boracay Newcoast in Boracay Island (150 hectares); Twin Lakes
in Tagaytay (1,200 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); Suntrust Ecotown (350 hectares) and Maple Grove (140
hectares) both in Cavite; The Upper East (34 hectares) and Northill Gateway (50
hectares) both in Negros Occidental; The Capital in the City of
San Fernando (35.6-hectares); and Westside City in the Entertainment City in
Paranaque (31 hectares.)
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