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Megaworld To Launch P80-b Worth Of Projects This Year
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Megaworld Corp. is scaling up its residential project launches to P80 billion this year, banking on the continued strong demand for properties from both local and foreign buyers.
In the first quarter of the year alone, Megaworld Senior Vice President Jericho P. Go said the company has already matched the value of projects it launched last year. In 2017, Megaworld unveiled P39 billion worth of projects.
Asked where the demand for projects is coming from, Mr. Go said around 78% is from local buyers, while the rest are from foreign investors and overseas Filipino workers.
“Majority (of demand) is still domestic…the locals are starting to realize that when they reserve, they better follow through immediately and make that downpayment so that they can secure the unit that they’re purchasing. So the foreign (buying) has created a positive impact in terms of local buying,” Mr. Go told reporters in a briefing after the company’s annual shareholders’ meeting in Quezon City on Friday.
Around 70% of the projects will be under Megaworld — located across its townships Arcovia City in Pasig City, Capital Town in Pampanga, Iloilo Business Park in Iloilo City, Maple Grove in General Trias Cavite, the Upper East in Bacolod, and throughout Metro Manila.
Its leisure and tourism estate subsidiary Global-Estate Resorts, Inc. will account for 15% of the launches in Twin Lakes near Tagaytay, Southwoods City in Laguna, and in Ortigas Center.
The balance will come from Suntrust Properties, Inc. through its projects in Quezon City, Cavite, Davao, Baguio, and the Bicol Region.
“This record launch of new residential projects in a year is intended to further boost our aggressive position as the country’s top residential developer. There is no better time to expand our residential offerings across the country but now, when the economy is sound and healthy, and our country is experiencing the infrastructure boom,” Megaworld Senior Vice President Kevin Andrew L. Tan said in as statement.
Alongside the project launches, Megaworld is targeting reservation sales to hit P110 billion this year, from the P105 billion it saw in 2017. Last year was a record high for Megaworld’s reservation sales, which was a P20-billion jump from around P80 billion it posted in 2016.
Mr. Tan said the company is on track to reach the P110-billion target this year, as reservations sales already reached P73 billion by the end of May.
The firm has committed to spend P60 billion to finance its projects this year, 25% higher than the P48 billion capital spending in 2017. Around 20% of the 2018 capex will be used to further grow Megaworld’s current land bank of 4,414 hectares across the country.
Mr. Tan said the company has already spent around P10 billion in capex during the first quarter of the year.
Megaworld booked P3.2 billion in attributable profit during the first quarter of 2018, 11% higher year-on-year, supported by a 10% jump in revenues during the period to P13.1 billion.
The company is the property arm of tycoon Andrew L. Tan’s Alliance Global Group, Inc., which also has investments in liquor, gaming, and quick serviced restaurants. —
Source : https://www.bworldonline.com/megaworld-to-launch-p80-b-worth-of-projects-this-year/
For more information, please visit us at www.megaworldproperties.com
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