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Megaworld group allots P25B warchest for year

06/20/2011 [ ]

Andrew Tan-led residential condominium and BPO office developer and operator Megaworld group of companies has allotted P25 billion for its capital and development expenditures in 2011.

In the first five months of the year, the Megaworld group of companies, through the Megaworld, Empire East and Suntrust brands, sold real estate projects worth a total of P17 billion, Megaworld senior vice president and executive director Kingson Sian said.

Sian added it will be another record high capex (capital expenditure) for the group wherein bulk of that is for Megaworld Corp.

Other than the capex, Sian also said the company is looking at close to P6 billion in profits and P44 billion in reservation sales this year.

He added the Megaworld group expects rental income to reach P4 billion this year.

“The rental income will continue to drive growth because we continue to develop office and rental portfolio. Next year we are looking at hitting P5 billion in rental income,” Sian said, noting that the company has an existing land bank that can be developed in 15 to 20 years.

Megaworld, the pioneer of integrated township projects that offer live-work-play-learn lifestyle, has six townships in strategic locations in Metro Manila that are in various stages of development and also has a series of luxury residential condominium projects at the heart of the Makati central business district.

Megaworld launched in the first quarter the 55-hectare Iloilo Business Park, its first project outside Metro Manila, which features 300,000 square meters (sqm) of office space and 200,000 sqm of hotel and retail space, designed to support business operations.

Anchoring the Iloilo Business Park is the P2.5-billion Richmonde Hotel Iloilo and Tower, slated for completion by the first quarter of 2013. The Richmonde project hosts 90 hotel rooms and BPO offices with a total gross floor area of about 24,000 sqm. By the end of 2012, Megaworld will develop the nearby 14,000-sqm Festive Walk retail center and several BPO campus buildings, offering about 20,000 sqm of office space.

Megaworld is set to unveil Bonifacio Uptown in Bonifacio Global City in the second half of 2011 with mixed-use, high-density, 16-hectare project in the North Bonifacio central business district extends all the way to Kalayaan Avenue, and is located near the British, Japanese and American international schools. It will invest at least P25 billion to build Bonifacio Uptown over the next 12 years which offers close to 500,000 sqm of residential space, nearly 400,000 sqm of office space, and about 90,000 sqm of retail space.

Megaworld is looking to launch soon One Uptown Residence at Bonifacio Uptown, with total potential revenues of P7.5 billion. Starting 2013, the company will begin developing in phases the P12-billion Uptown Place, which will feature four office towers on top of a retail mall.

Megaworld is furthering its commitment to nation building by ramping up its office development efforts with its next-generation BPO offices and campus buildings are expected to help generate at least 120,000 new jobs. Danessa O. Rivera

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