Quantcast
Latest Stories

Megaworld sees P70B in sales

By

Property developer Megaworld Corp., expecting demand for residential property to remain strong, sees its sales growing by at least 10 percent to P70 billion by the end of this year.

Megaworld said it was on track to meeting its full-year target as sales in the first semester rose by 27 percent year on year to P38 billion, boosted by reservation sales from various brands under Megaworld, Empire East Land Holdings and Suntrust Properties, Megaworld chair and chief executive officer Andrew Tan said Thursday.

“We see the continued significant growth in the Philippine property sector, especially in the residential, commercial and office segments, due to four main factors: strong macroeconomic fundamentals, a low interest rate environment, the continued influx of OFW (overseas Filipino workers) remittances and a strong consumer sector,” Tan said.

Sales last year amounted to P63.5 billion, the highest so far recorded by Megaworld but which it expects to exceed this year.

In a briefing after the company’s stockholders’ meeting, Megaworld executive director Kingson Sian said the group would launch 25 new projects this year, 14 of which were rolled out in the first semester. This will translate to about 10,000 to 12,000 residential units to be brought to the property market, Sian said.

Megaworld has about 250 hectares of land inventory, which would be good enough to sustain growth in the next 15 years, Sian said. The bulk of the inventory is located at Bonifacio Global City.

The 105-hectare BGC property includes the 34.5-hectare McKinley West project.

During the meeting, Sian assured stockholders that Megaworld—as the parent company of Empire East, Suntrust and Global Estate Resorts Inc.—would keep each property unit as an independent entity that would remain separately listed on the local stock exchange.


Follow Us


Follow us on Facebook Follow on Twitter Follow on Twitter


Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

Tags: Condominiums , Earnings Forecast , Megaworld Corp. , Philippines , property , Real Estate



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement

News

  • Militants kill 14 Algerian soldiers in ambush
  • Pope Francis, huge crowd joyously celebrate Easter
  • 4 French journalists freed from Syria captors home
  • Thousands celebrate Easter in Holy Land
  • Transcript reveals confusion over ferry evacuation
  • Sports

  • Red-hot Alaska rips injury-depleted San Mig Coffee
  • Pacquiao courtesy call to Aquino set for Monday
  • Nick Calathes suspension a reminder of supplement risk
  • Teague scores 28 as Hawks soar past Pacers in Game 1
  • Warriors beat Clippers in playoff opener
  • Lifestyle

  • Angono petroglyphs in danger of disappearing
  • Britain’s baby Prince George visits Australian zoo
  • Noli Yamsuan, Cardinal Sin’s ‘official’ photographer: ‘I could smell the aftershave lotion of the Pope’
  • Simplifying and lightening life
  • Where to go for Easter night-out
  • Entertainment

  • Show-biz celebrities’ other choices of summer getaway
  • Why ‘Noah’ can’t dock his ark at Philippine theaters
  • Acclaimed artist goes wild while on holiday
  • Believing in this mermaid
  • Missing Xian
  • Business

  • Top-selling insurance agent opens her dream café
  • Connecting and transacting with one another
  • Building wealth for health
  • Why Mandaue Foam buys, rather than rents, space
  • A workplace of new possibilities
  • Technology

  • Nasa’s moon-orbiting robot crashes down
  • Netizens pay respects to Gabriel Garcia Marquez
  • Nokia recalls 30,000 chargers for Lumia 2520 tablet
  • Facebook rolls out ‘nearby friends’ feature
  • Netizens seethe over Aquino’s ‘sacrifice’ message
  • Opinion

  • Epiphany
  • Unpaid creditor vs distressed debtor
  • Moving on
  • From culinary desert to paradise
  • Response to China: ‘Usjaphil’
  • Global Nation

  • Tim Tebow’s charity hospital in Davao seen to open in 7 months
  • OFW died of Mers-CoV in Saudi Arabia, says family
  • Aquino, Obama to tackle US pivot to Asia during state visit
  • Asia seeks Obama’s assurance in territorial spats
  • Cesar Chavez movie sparks memories of Fil-Am labor leaders
  • Marketplace