MANILA, Philippines — Megaworld, the Andrew Tan-led property developer, grew its net income by 36 percent to P13.4 billion in 2021 amid the improving business environment.
Megaworld chief strategy officer Kevin Tan said real estate sales grew by 25 percent to P31.1 billion due to a huge demand for titled lots.
“There has been a huge demand for titled lots, from both our residential and commercial offerings last year. We can see this trend continuing even this year,” Tan said.
Megaworld raked in consolidated revenues of P50.8 billion, up 17 percent.
Megaworld launched 11 new residential and commercial lot projects with a sales value of P28 billion, more than triple from the previous year’s launches. These projects are located in various townships, particularly in Maple Grove and Arden Botanical Estate in Cavite; Northwin Global City in Bulacan; Paragua Coastown in Palawan; Eastland Heights in Rizal; McKinley West in Taguig City; and Alabang West in Las Piñas City.
The office business, through Megaworld Premier Offices, hit a record high in rental income at P11.1 billion as it closed around 236,000 square meters of new and renewal transactions.
On the other hand, Megaworld Lifestyle Malls posted P2.3 billion in rental income last year, still 10 percent lower than the previous year as the country implemented several lockdowns due to the surge in COVID-19 infections.
However, during the last quarter of the year when the government shifted to lower alert levels, especially in the National Capital Region (NCR), rental income recovered by 51 percent to P753 million even as the company continued to provide assistance to its retail partners though rental concessions.
The hotel and leisure business, Megaworld Hotels & Resorts posted a strong recovery, with hotel revenues soaring by 30 percent to P1.9 billion year-on-year.
Tan said the company shifted gears last year to restart the growth trajectory.
At present, Megaworld has 28 master planned lots across the country.