Posted on December 19, 2011 09:51:43 PM [ BusinessWorld Online ]
DEVELOPER MEGAWORLD Corp. yesterday said it was poised to construct the most number of residential condominium units in the country from 2011 to 2016.
The Andrew L. Tan-led firm claimed the lead in the number of units set for completion five years from now, citing a report by property consultancy Colliers International Philippines.
After reportedly topping the list in 2010, the total volume of housing units launched in the third quarter and up for completion by 2016 will give Megaworld a 16% share or 1.15 million square-meters of total aggregate saleable area in the market.
Megaworld attributed its strong residential sales to its unique business strategy.
“First is the popularity of our live-work-play-learn communities in Metro Manila, namely Eastwood City, McKinley Hill, Newport City, Manhattan Garden City, Forbes Town Center, and McKinley West,” said Francisco C. Canuto, Megaworld senior vice-president.
“Second is our proven track record of delivering more than 230 buildings to our customers over the last two decades,“ Mr. Canuto added.
Megaworld is looking to firming up its presence in central Luzon. Last month, the company forged a P7-billion deal with state-run Clark Development Corp. to develop portions of the Clark Freeport Zone and Clark Special Economic Zone in Pampanga province into mixed-use projects.
The developer also penetrated the Cebu property market via residential development 8 Newton Boulevard, which was launched earlier this year.
Megaworld is currently developing over 40 residential and business process outsourcing (BPO) office spaces in Metro Manila, where the company launched eight new projects this year.
Megaworld, founded and incorporated in 1989, is engaged in the development of large-scale mixed-use planned communities or townships that integrate residential, commercial, educational, leisure and entertainment components in Metro Manila.
The company increased its net income from January to September this year to a record P4.08 billion, up 36% year on year, on the back of continued strong residential real estate sales and BPO office rental income.
Profits in the third quarter alone, however, declined by 19% to P1.539 billion from P1.903 billion
Megaworld shares shed 1.78% to P1.66 yesterday from P1.69 at its previous close. -- FJGDLF