Megaworld’s 2014 net income soared 139% to P21.6-billion
|“PANORAMIC VIEW: Developments are in full swing in Iloilo Business Park, Megaworld’s largest integrated urban township project in Western Visayas. Projects seen from this angle include Richmonde Hotel Iloilo, One Global A BPO building and the biggest McDonald’s store in Iloilo.Stay tuned and expect more projects to rise in this thriving side of Iloilo!” –Megaworld Corporation|
“Last year was a milestone for us. With Megaworld celebrating its 25th anniversary, we raked in record earnings and managed to grow our land bank to over 4,000 hectares. Our income growth last year was driven by both real estate sales and rental income. We have a more diversified real estate sales mix that is propelled by our integrated urban township developments in Metro Manila, Cebu and Iloilo as well as tourism-related projects in Tagaytay and Boracay,” said Dr. Andrew L. Tan, chairman and CEO, Megaworld.
“In the meantime, our rental income is growing in line with our expectations. Continued growth in our office and mall leasable space will provide the catalyst for exceeding P10-billion in rental income in 2016. Last year also saw the consolidation of Global-Estate Resorts, Inc. (GERI), Empire East Land Holdings, Inc. (ELI) and Suntrust Properties, Inc. (SPI) under Megaworld. This enabled us to strengthen our land bank nationwide,” he added.
“We expect to maintain similar growth momentum generated in the past, achieving a double-digit net income growth every year on the back of a stronger and bigger township portfolio,” he also noted.
Five townships that were launched last year and another five townships to be launched this year will increase the company’s township developments to 20 by the end of 2015.
Last year, the company launched the following townships: Woodside City in Pasig City (12.3 hectares); Southwoods City in the boundaries of Cavite and Laguna (561 hectares); Davao Park District in Lanang, Davao City (11 hectares); Alabang West in Las Pinas City (62 hectares) and Suntrust Ecotown in Tanza, Cavite (350 hectares).
Just last week, the company announced two of the five township developments lined up for this year: The Upper East (34 hectares) and Northill Gateway (50 hectares), both in Negros Occidental.
Megaworld’s pioneering “LIVE-WORK-PLAY-LEARN” concept for integrated mixed-use communities, or commonly known as townships in the Philippines, has enabled the company to complete 342 buildings with a total area of 6.4 million square meters over the past 25 years.