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Megaworld allots P17B capex for ’10

[ ] June 21, 2010
Listed realty firm Megaworld Corp., is allotting P17 billion this year for capital expenditures, 70 percent higher than last year’s P10 billion.
Kingson Sian, Megaworld executive director, also said the company expects a 10 percent increase in profit from last year’s P4.06 billion as the company continues to roll out new projects.
For the first five months of the year, Megaworld generated P11.4 billion in reservation sales driven by projects in Eastwood City, McKinley Hill and Newport City townships, and Manhattan Garden City in Cubao, Quezon City.
Megaworld is eyeing to hit an all-time of P24 billion in reservation sales this year.
Megaworld plans to launch four major urban projects by the third quarter – Palm Bay in Manila, Maple Park Villas in McKinley Hill, Two Central West Tower in Makati, and 81 Newport Boulevard in Newport City in Pasay City.
Palm Bay is a P5 billion mixed-use condominium project that will rise within the Cultural Center of the Philippines, adjacent to the Coconut Palace. Palm Bay will have a total of 900 units.
McKinley Hill Maple Park villas are medium-rise garden homes, to be located in Megaworld’s McKinley Hill township project in Fort Bonifacio. The project consist of three clusters of condominium buildings with a total of 269 units.
Two Central West Tower is located along Valero street in Salcedo village in Makati. The 50-story building will have 672 units and a twin-level retail arcade.
The 81 Newport Boulevard project has six-medium residential clusters that will be located along the main aveue of Newport City.
On the drawing board are two new communities that will rise in the former Joint US Military Advisory Group (Jusmag) property that Megaworld acquired last year and in the North Bonifacio central business district in Taguig.
McKinley West will be build on the 35-hectare Jusmag property. It will be a low to medium density mixed-use project, that will cost the company P22 billion to buildld.
Uptown Fort is the name of the community that Megaworld will develop in the North Bonifacio CBD, a 16-hectare high-density, mixed-use project. Uptown Fort will cost P25 billion to build, Megaworld said.

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