Megaworld takes over prime Manila property

Billionaire Andrew Tan’s Megaworld Corp. is taking over a prime 2.2-hectare property in Sta. Cruz, Manila, as it prepares to build more integrated real estate developments, or townships, across the country.

Megaworld said in a stock exchange filing on Wednesday the acquisition of the property worth P1.89 billion was completed the previous day on March 29.

The land was sold by publicly traded Manila Jockey Club Inc., which said in a separate filing the sale of idle land would increase its revenues.

Megaworld, the developer of Eastwood City in Quezon City and other similar township projects, earlier revealed its intentions for the land, which is part of the 16-hectare San Lazaro Tourism and Business Park.

“When we finalize the purchase of this land in San Lazaro, this will surely be part of our township portfolio expansion in Metro Manila,” Kevin L. Tan, chief strategy officer at Megaworld, said last January.

Megaworld has 300 hectares of land in Metro Manila and close to 5,000 hectares across the country.

Pandemic profitability

The builder’s focus on townships allowed it to stay profitable amid the COVID-19 pandemic.

Last year, profits jumped 36 percent to P13.4 billion while total revenues grew 17 percent to P50.8 billion.

Real estate sales, office and hotel revenues grew, offsetting the decline in shopping mall rents as pandemic movement restrictions prevailed for much of 2021.

Megaworld said it launched two new townships in the second half of 2021.

These were the 462-hectare Paragua Coastown in San Vicente, Palawan, and the 85-hectare Northwin Global City in Marilao and Bocaue, Bulacan.

It further tripled new residential and commercial lot projects with 11 new developments with a total sales value of P28 billion.

“These projects are located in various townships, particularly in Maple Grove and Arden Botanical Estate in Cavite; Northwin Global City in Bulacan; Paragua Coastown in Palawan; Eastland Heights in Rizal; McKinley West in Taguig City; and Alabang West in Las Piñas City,” Megaworld said.