Megaworld posts 71% growth in home sales

Home sales of Andrew Tan-led Megaworld Corp. rose by more than two-thirds last year as it expanded in more areas across the country, confident of its “superior portfolio and sterling track record” in the industry.

The company on Monday also announced it would launch 10 new residential projects in the first half of the year. It earmarked P35 billion for capital expenditures, the highest in its history.

Megaworld sold P63.5 billion in residential projects in 2012, translating to about 550,000 square meters of home space—up by 71 percent from year-ago level.

Real estate reservation sales came from its three brands namely, Megaworld, Empire East and Suntrust. Each of the brands caters to specific markets ranging from the luxury to middle-income to affordable segments.

Megaworld said it was looking to launch more than 10 new projects in the first half of the year. Over the last 20 years, the group has completed more than 240 residential and office buildings with a total floor area of about six million square meters.

Megaworld expects its capex to reach P35 billion in 2013, the highest it would be spending in a year, as a sign of the company’s “commitment to the real estate industry and its bullish outlook on the market.”

The company said it pioneered the creation of integrated “live-work-play-learn township” communities in the Philippines.

In Metro Manila, these townships include Eastwood City in Quezon City, Newport City in Pasay City and those in Taguig City—McKinley Hill, McKinley West and Uptown Bonifacio.

Each of these projects will offer at least 500,000 square meters of residential space and 200,000 square meters of BPO office space.

The developer is also expanding its reach to the Visayas with its ongoing township projects such as The Mactan Newtown in Cebu and Iloilo Business Park in Iloilo.

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Tags: Business , home sales , Megaworld Corp. , Philippines , property , Real Estate