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Bonifacio project to get more funds

Posted on July 31, 2012 09:43:46 PM [ BusinessWorld Online ]

LISTED PROPERTY developer Megaworld Corp. has pledged to spend more on a mixed use development in Bonifacio Global City than earlier committed amid brisk sales so far.

Megaworld said it will increase its investment in the so-called Uptown Bonifacio project to P65 billion over the next 20 years from P45 billion “due to the strong outlook and demand.”

Uptown Bonifacio is a 15-hectare mixed-use project which will be located in the northern district of Fort Bonifacio.

It will have 18 towers, offering a total potential development of 500,000 square meters (sq. m.) of residential space, 400,000 sq. m. of office space and 90,000 sq. m. of retail space.

It will include a residential condominium facility called Uptown Ritz which the firm said has been experiencing “exceptionally brisk” sales.
Uptown Ritz is estimated to cost P8 billion.

“We have never experienced such tremendous optimism in the real estate market in the last 15 years. It will take Megaworld’s renowned live-work-play lifestyle to new heights,” said Megaworld Senior Vice-President for Marketing Noli Hernandez.

Megaworld could not be reached for further details on its increased investments.

The township will also host a P12-billion corporate tower.

The planned complex will be constructed under the BERDE (Building for Ecologically Responsive Design Excellence) rating system developed by local accreditors.

Megaworld was incorporated in 1989 as Megaworld Properties and Holdings, Inc., and is currently engaged in the development of large-scale, mixed-use, master-planned townships.

Since its formation, the firm claims to have launched approximately 225 residential, office, and hotel units, bringing its aggregate property footprint to over 5.8 million sq. m.

Megaworld is currently developing over 40 residential and business process outsourcing projects in Metro Manila.

For 2012, the company is allotting P25 billion to bankroll its capital spending this year, with 11 residential projects targeted for launching in the first semester alone.

Megaworld said it increased its net income by 27% to P1.58 billion in the first quarter from the P1.24 billion recorded in the same period last year.

Revenues, meanwhile, expanded by a reported 22% to P7.0 billion from P5.7 billion in year-ago levels, a separate filing further showed yesterday.

Strong sales from residential projects in Megaworld-developed districts Newport City, McKinley West, McKinley Hill, and Eastwood City, coupled by higher leasing income from business process outsourcing and retail projects, boosted the developer’s net earnings.

Shares of Megaworld closed at P2.26 yesterday, up 0.89% from its previous close. -- Emilia Narni J. David        
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