MANILA, Philippines–Tycoon Andrew Tan-led Megaworld Corp. is the country’s largest builder of residential condominium in terms of units completed in 2010 and those in the pipeline for the next five years, the property company said, citing research from property consultant Colliers International.
Photo from Megaworld site.
This represents the leading market share of 18 percent of the market, Megaworld told the Philippine Stock Exchange on Monday.
Apart from building the most number of high-rise residential units in 2010, Megaworld was noted to have the largest number of units to be completed from 2011 to 2016 based on all projects launched as of third quarter 2011.
In terms of total saleable area of those projects launched and to be completed in the same period, it represents 16 percent of the market with a total saleable area of about 1.15 million square meters, the disclosure said.
Megaworld senior vice president Francis Canuto, attributed the company’s “strong residential sales” to two main factors.
“First is the popularity of our live-work-play- learn communities in Metro Manila, namely, Eastwood City, McKinley Hill, Newport City, Manhattan Garden City, Forbes Town Center and McKinley West. Second is our proven track record of delivering more than 230 buildings to our customers over the last two decades,” Canuto said.
The company increased its net income from January to September this year to a record P4.08 billion, up 36 percent year on year, which was attributed to strong residential real estate sales and business process outsourcing office rental income.
Megaworld is currently developing over 40 residential projects and several BPO offices in Metro Manila. For the year 2011, Megaworld has launched eight new projects namely, One Eastwood Avenue, 101 Newport Boulevard, One Uptown Residence, Manhattan Heights Tower 2, Viceroy Tower 1, Greenbelt Hamilton and Belmont Luxury Hotel in Metro Manila. Megaworld has also launched its first project in Cebu called 8 Newtown Boulevard.