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