Megaworld earnings up 8% on robust sales

MANILA, Philippines — Property giant Megaworld Corp. of tycoon Andrew Tan recorded first-quarter earnings of P4.4 billion, an 8-percent jump, on stronger residential sales and higher mall and hotel revenues.

Megaworld said in a stock exchange filing on Thursday that revenues climbed by 16 percent to nearly P19 billion as its core businesses grew.

“We started 2024 by consolidating our strength and forging stability for our core businesses as we look forward to many more opportunities for growth in the coming years,” said Kevin Tan, CEO of parent company Alliance Global Group.

Real estate sales swelled by 29 percent to P12.1 billion on higher booking and unit sales.

Leasing revenues, meanwhile, rose by 6 percent to P4.6 billion.

On the mall side, Megaworld Lifestyle Malls’ revenues reached P1.5 billion, up by 20 percent, on higher tenant sales and a 93-percent occupancy rate.

Tourism, MICE expansion

Megaworld Hotels and Resorts, meanwhile, saw revenues grow by 39 percent to P1.1 billion, driven by local tourism expansion and growth of meetings, incentives, conventions, and exhibitions, or so-called MICE, activities.

The company likewise attributed the growth to more bookings in Boracay Newcoast, whose convention center in Aklan province has a seating capacity of 1,200.

Megaworld currently has 31 master-planned integrated urban townships, lifestyle communities and estates across the country.

“This year, we hope to finish … with 35 townships to coincide with our 35 years in the Philippine real estate industry,” Tan added.

The developer announced last month that it would build a P1.2-billion museum within one of its township projects in Cebu province to promote the country’s history.

The Mactan World Museum will be Megaworld’s fourth museum property after Chinatown Museum in Manila, and the Iloilo Museum of Contemporary Art and Brandy Museum in Iloilo Business Park. —MEG J. ADONIS