Megaworld to launch record P80 billion projects

MANILA, Philippines — Property developer Megaworld and its subsidiary brands expect to launch a record P80 billion worth of new residential projects this year, riding on growing demand from local and foreign buyers, including Chinese nationals, working in the booming offshore gaming business.

The P80 billion worth of residential launches would be double that of last year’s P39 billion new projects.

To support its residential developments, land acquisitions, and other investments, tycoon Andrew Tan’s flagship Megaworld has set aside P60 billion for its capital expenditures this year.

“The expansion is all over the country,” Megaworld senior vice president Kevin Tan said during the company’s annual stockholders meeting yesterday.

He said the company’s new offerings in the first quarter alone have already matched the P39 billion launched for the whole of 2017.

“So we’re definitely on track to reaching P80 billion,” he said.

Tan said the record launch of new residential projects in a year is intended to further boost the company’s aggressive position as the country’s top residential developer.

“There is no better time to expand our residential offerings across the country but now, when the economy is sound and healthy, and our country is experiencing an infrastructure boom,” Tan said.

Megaworld and its subsidiaries Global-Estate Resorts Inc. (GERI), Empire East Land Holdings Inc. and Suntrust Properties Inc. will launch the residential projects across various township developments and key cities throughout the country.

Approximately 70 percent of this year’s new launches will come from parent company Megaworld and will rise in Arcovia City in Pasig City; Capital Town in Pampanga; Iloilo Business Park in Iloilo City; Maple Grove in Gen. Trias, Cavite; The Upper East in Bacolod; Westside City in Paranaque City; McKinley West and Uptown Bonifacio in Taguig; as well as in Makati CBD and Manila City.

Global-Estate Resorts Inc., on the other hand, is set to cover around 15 percent of the new launches in Twin Lakes near Tagaytay; Southwoods City in Biñan, Laguna; and in Ortigas CBD.

The balance will come from Suntrust Properties Inc. through residential launches in Quezon City, Cavite, Davao, Baguio and in the Bicol Region.

As of end-May, the Megaworld group has already achieved reservation sales for its residential offerings amounting to P73 billion.

The group has seen robust demand in its townships such as Westside City in Pasay City, McKinley West in Taguig City, Maple Grove in Gen. Trias, Cavite, and Iloilo Business Park in Iloilo City, among others.

In 2017, Megaworld’s residential business comprised 70 percent of total revenue, growing around 4.5 percent to P34.6 billion year-on-year.