Posted on January 02, 2012 09:41:48 PM [ BusinessWorld Online ]
BY FRANZ JONATHAN G. DE LA FUENTE, Reporter
DEVELOPER Megaworld Corp. wants to firm up its residential portfolio by adding 11 developments in the first half of the year amid industry recognition of the firm’s robust condominium growth, a press statement showed yesterday.
“We at Megaworld aim to open the year 2012 on a strong note. We are set to launch 11 residential projects in the first half of 2012,” said Francisco C. Canuto, Megaworld senior vice-president, without offering details.
Several of these projects may be built in Metro Manila and Cebu, two of the most attractive property locations in the country today, John T. Hao, Megaworld investor relations officer told BusinessWorld in a telephone interview yesterday.
He added that Megaworld is still deliberating on the amount it will spend for these projects.
This comes as Megaworld, the medium-income development arm of conglomerate Alliance Global Group, Inc., was named the country’s top condominium developer in the last decade, cornering 17% of the condominium market equivalent to around 1.9 million square meters in aggregate saleable area from 2000 to 2011, the company said in the same press statement quoting a recent study by property consultancy CBRE Philippines.
“Megaworld has the distinction of being recognized... as the number one residential condominium developer. This is a testament to the company’s dedication to address on a large scale the Filipinos’ need for quality homes in the very best locations,” Mr. Canuto said.
Last month, the Andrew L. Tan-led firm claimed the lead in the number of units set for completion in the next four years.
A report by property consultancy Colliers International Philippines projects that by 2016, Megaworld will have 1.15 million square-meters of total aggregate saleable area.
Megaworld is also looking to increase its presence in central Luzon. Last November, the company forged a P7-billion deal with state-run Clark Development Corp. to develop mixed-use projects in portions of the Clark Freeport Zone and Clark Special Economic Zone in Pampanga province.
Furthermore, the developer penetrated the Cebu property market via 8 Newton Boulevard, a residential development launched last year.
Megaworld is currently developing over 40 residential and BPO (business process outsourcing) projects in Metro Manila, where the company launched eight new projects in 2011: One Eastwood Avenue, 101 Newport Boulevard, One Uptown Residence, Manhattan Heights Tower 2, Viceroy Tower 1, Greenbelt Hamilton and Belmont Luxury Hotel.
Megaworld, founded and incorporated in 1989, is engaged in the development of large-scale mixed-use planned communities that integrate residential, commercial, educational, leisure and entertainment components in Metro Manila.
The company increased its net income from January to September 2011 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 of 2011 alone, however, declined by 19% to P1.539 billion from P1.903 billion in year-ago levels.Megaworld shares traded at P1.71 yesterday from P1.70 at its previous close.