Megaworld’s leisure estate unit posts 13% growth in H1 2023 income
MANILA -Property giant Megaworld Corp. said its leisure estate development arm booked higher profits during the first semester of the year on better real estate sales and hotel revenues.
Global-Estate Resorts Inc. said net income from January to June rose 13 percent to P848 million versus the same period last year. Total revenues jumped 32 percent to P3.9 billion.
“Our focus on our tourism townships allowed our company to achieve remarkable growth through the first half of the year,” Global-Estate president Monica Salomon said in a statement on Tuesday.
“The company’s core businesses especially those in our destination estates largely benefited from the increasing tourism in our country. This second half, we are determined to leverage our expertise and hope to continue capturing the increasing tourism opportunities in the sector,” she added.
The company’s real estate sales during the period climbed 32 percent to P3.1 billion. The segment accounts for 79 percent of total revenues.
Moreover, reservation sales expanded by 39 percent to P11.7 billion.
“Demand for [Global-Estate’s] residential and commercial properties remained strong, particular for its projects in Boracay Newcoast, Eastland Heights in Antipolo, Rizal, and Twin Lakes in Laurel, Batangas,” the company said in the statement.
Its hotel revenues during the period also doubled to P308 million due to improved occupancy and higher room rates while leasing revenues grew by 29 percent to P273 million.
Global-Estate currently has nine tourism estates and integrated lifestyle communities across the country covering more than 3,300 hectares of land.
The projects were Twin Lakes in Laurel, Batangas (1,200 hectares); Southwoods City in Biñan, Laguna and Carmona, Cavite (561 hectares); Alabang West in Las Piñas City (62 hectares); Boracay Newcoast in Boracay Island, Aklan (150 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); The Hamptons Caliraya in Lumban-Cavinti, Laguna (300 hectares); Arden Botanical Estate at the boundary of Trece Martires and Tanza in Cavite (251 hectares); and Sherwood Hills in Trece Martires, Cavite (340 hectares).