April 10, 2014
Megaworld Corporation, the Philippines’ leading top office developer and landlord, posted a 22 percent hike in net income to P9.03 billion (inclusive of P760-million non-recurring gain) in 2013 from P7.41 billion in 2012.
In a disclosure to the Philippine Stock Exchange, the firm said its higher profit is due to strong residential sales from its various townships, particularly in Newport City, Uptown Bonifacio, McKinley Hill and Eastwood City; and higher leasing income from its office and retail portfolio.
ANDREW L. TAN
“The country’s strong and stable economy as well as the continuous growth of the BPO sector have propelled our growth in 2013. Last year was another banner year for Megaworld,” said Megaworld Chairman Dr. Andrew L. Tan.
Total revenues of Megaworld, together with its subsidiaries Empire East Land Holdings and Suntrust Properties, amounted to P36.24 billion in 2013, up 18 percent from P30.6 billion in 2012.
Megaworld’s rental income from office developments and lifestyle malls surged to a record P6.04 billion in 2013, 21 percent higher than the P4.99 billion in 2012.
The firm said it is set to further solidify its position as the leader in office developments in terms of total office space inventory by completing another 112,000 square meters of office spaces this year.
By the end of 2014, the company will have around 712,000 square meters of office spaces in its portfolio with the completion of new state-of-the-art office towers in Uptown Bonifacio, The Mactan Newtown in Cebu, and Iloilo Business Park.
On the retail side, Megaworld is also set to complete another 70,000 sqm in additional commercial and retail spaces with the completion of the Venice Grand Canal Mall in McKinley Hill, and some commercial strips at The Mactan Newtown, bringing its commercial and retail space portfolio to 240,000 square meters by the end of 2014.
“Along with our sustained growth in the residential segment, we are committed to further expand our recurring income portfolio especially in our office and retail businesses. Year after year, we will be completing more office towers, malls, and commercial spaces. By 2017, we expect our rental income to reach P10-billion, double that of 2012,” said Tan.
On Monday, Megaworld announced that increasing its investment for the development of The Mactan Newtown in the next five to seven years to P30 billion from the earlier announced P20 billion.
“This is the most exciting time for The Mactan Newtown. With the new beach area up for development, we are spicing up our pioneering “LIVE-WORK-PLAY-LEARN” concept,” says Megaworld Cebu Properties, Inc. president Noli D. Hernandez.
Megaworld is expected to build five hotels in the township which will include two beachfront hotels overlooking the Hilutungan Channel.
The company is also building its own exclusive, world-class beach club at the township’s beachfront, and sports facilities that will promote active lifestyle by the beach.
“The beach vibe of The Mactan Newtown will definitely make the township stand out from other mixed-use developments in Cebu. We envision this township to be the next big thing to happen in Central Visayas,” Hernandez added.
Source: http://www.mb.com.ph/megaworld-posts-record-p9-b-profit-in-2013/
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