Megaworld sets P25B capital spending this year
MANILA, Philippines—Real estate tycoon Andrew Tan’s Megaworld Corp. has earmarked P25 billion for capital spending this year, aiming to keep a leading position in the highly competitive residential property segment.
For the first semester of 2011, the property developer has unveiled plans to launch 11 new residential projects, Megaworld disclosed to the Philippine Stock Exchange on Monday. The company is seen taking advantage of a sustained low-interest environment to boost the supply of residential units in the local market.
Based on a research by property consultant CB Richard Ellis Philippines, Megaworld had launched the most condominium residential units from 2000 to 2011, translating to more than 40,000 units of additional units brought to the market equivalent to the 16 percent market share. The overall volume of units launched by Megaworld in the same period represented a total saleable area of about 1.9 million square meters equivalent to 17 percent of total living space made available to the market.
Another property consultant Colliers International had also previously cited Megaworld as the top residential developer in the country based on the number of residential units completed and to be completed until 2016 as well as based on the total aggregate saleable area.
In 2011 alone, Megaworld unveiled eight new projects: One Eastwood Avenue in the 18-hectare Eastwood City township in Quezon City; 101 Newport Boulevard and Belmont Luxury Hotel in the 25-ha Newport City in Pasay City; One Uptown Residence in the new 16-ha Uptown Bonifacio in the Global City; Tower 1 of The Viceroy in the 50-ha McKinley Hill in Fort Bonifacio; the second tower of Manhattan Heights, the third phase of the 5.7-ha Manhattan Garden City at the Araneta Center; the 31-story Greenbelt Hamilton in the Makati CBD; and Eight Newtown Boulevard, Megaworld’s first luxury residential project in Mactan, Cebu.
Megaworld also aims for a wider range of customers through the projects of its subsidiaries, Empire East Land Holdings Inc. and Suntrust Properties Inc.