Megaworld Group sales soar 89% to P49.7 billion in 2010

MANILA, Philippines -  The Megaworld Group of real estate tycoon Andrew Tan registered sales of P49.68 billion last year, up 89 percent from P26.3 billion in 2009 on steady strong demand for its projects.

The group comprises flagship firm Megaworld, which caters to the high-end segment of the market, as well as medium-cost and affordable housing firms Empire East Land & Holdings Inc. and Suntrust.

Bulk of total sales, or P39.59 billion, came from Megaworld, driven by the robust takeup of its ongoing residential projects in Metro Manila that include Eastwood City, McKinley Hill, Newport City and Manhattan Garden City. 

Meanwhile, sister firms Empire East and Suntrust Properties, which have ongoing projects in Metro Manila and in the nearby growth centers of Cavite and Laguna, chalked in combined sales of P10.09 billion.

Megaworld is a pioneering developer of integrated live-work-play-learn township communities in the country. Its five mega communities will be home to around 48,000 families and 202,000 BPO office workers when fully developed.

For this year, Megaworld has slated for turnover a total of 5,700 units covering Bellagio 3, Forbeswood Parkland Tower 2, Residential Resort in Newport City, Sarasota and Pinecrest, Stamford Executive Residences Tower 1, 2 and 3, Manhattan Parkway Tower 1 and 2, Cityplace Tower A and B, Greenbelt Chancellor, Greenbelt Excelsior and Greenhills Heights.

Megaworld is stepping up its expansion with plans to launch some 18,673 residential units with an aggregate floor area of more than 830,000 square meters in 2011.

The company expects its rental income to exceed P 4 billion this year with the completion of Lucky Chinatown Mall, which will have more than 108,000 sqm of retail space by end 2011. It company will also complete more than 77,700 sqm of new office space to cater to the growing demand of BPO companies.

Megaworld will also boost its rental portfolio of BPO office developments and retail malls from 453,600 sqm in 2010 to around 639,400 sqm by end 2011.

The Megaworld Group plans to embark on a massive homebuilding program that will roll out some 18,673 residential units with an aggregate floor area of more than 830,000 square meters in 2011.

The group has built more than 210 residential and office buildings with a total floor area of around 5.4 million square meters.