Posted on 09:47 PM, October 13, 2010 [ BusinessWorld Online ]
PROPERTY DEVELOPERS under the Andrew L. Tan-led Megaworld group almost doubled sales to P36 billion in the nine months to September amid continued market growth.
Megaworld Corp. accounted for bulk, or more than 80%, of sales for the period.
“The Megaworld group sold P36.6 billion worth of real estate projects from January to September this year, cementing its position as the country’s leading residential developer,” the company told the local bourse in a disclosure yesterday.
“This amount is more than 81% of the group’s reservation sales of P20.2 billion for the same period in 2009,” Megaworld also said.
The Megaworld group is composed of three brands: Megaworld, listed Empire East Land Holdings, Inc., and Suntrust Properties, Inc.
Higher sales were attributed to the group’s diverse project portfolio as well as a “good track record” in the local property market.
Megaworld accounted for P29.7 billion of sales in the nine months to September. It has five ongoing mixed-use projects: Eastwood City in Libis, Quezon City; McKinley Hill, McKinley West, and Bonifacio Uptown in Fort Bonifacio, Taguig; and Newport City in Pasay.
Megaworld described its projects as integrated “live-work-play-learn” township communities combining residential and commercial areas.
“Once fully developed, these five mega-communities will be home to around 48,000 families and 202,000 business process outsourcing office workers,” the property company said.
Meanwhile, sister companies Empire East Land and Suntrust Properties, recorded combined sales of P6.9 billion. Empire East is focused on medium-cost housing while Suntrust is into “affordable” housing.
The two property firms have projects in Metro Manila, Cavite and Laguna.
In the last two decades, the Megaworld group has completed more than 200 residential and office buildings with a total floor area of approximately 5.4 million square meters.
Megaworld also accounts for the bulk of earnings of listed conglomerate Alliance Global Group, Inc., whose net income is expected to surge by 38% to P6.62 billion this year. Alliance Global holds the local McDonald’s franchise through Golden Arches Development Corp.
It also owns Emperador Distillers, Inc., which produces brandy labels Emperador, Generoso and The Bar.
Alliance Global has a joint venture with Genting Hong Kong Ltd., the third-largest cruise line operator in the world -- Travellers International Hotel Group, Inc., which is developing the eight-hectare Resorts World Manila complex in Pasay.
Shares in Megaworld rallied by 4.01% or P0.09 to close at P2.33 each yesterday. Parent firm Alliance Global climbed by 3.37% or P0.36 to close at P11.02 apiece.
Empire East stayed at P0.57 apiece. -- N. J. C. Morales
________________________________________________________________
