Megaworld rises as top resd'l condo developer in 2010

MANILA, Philippines - Megaworld Corp., the flagship property unit of tycoon Andrew Tan, emerged as the top residential condominium developer in terms of the number of units completed as of 2010 and those to be completed from 2011 to 2016, according to the latest study by Colliers International.

In a disclosure to the Philippine Stock Exchange, Megaworld said these projects account for 18 percent of the residential condominium market.

In terms of total aggregate saleable area of those projects launched and to be completed in the same period, it represents 16 percent of the market with a total saleable area of about 1.15 million square meters.

Megaworld senior vice president Francis Canuto attributed the company’s “strong residential sales” to the popularity of its live-work-play-learn communities in Metro Manila and its proven track record of delivering more than 240 buildings to customers over the last two decades.

Megaworld is currently developing over 40 residential projects and several BPO (business process outsourcing) offices in Metro Manila.

For this year, Megaworld has launched eight new projects: One Eastwood Avenue, 101 Newport Boulevard, One Uptown Residence, Manhattan Heights Tower 2, Viceroy Tower 1, Greenbelt Hamilton and Belmont Luxury Hotel in Metro Manila. It also launched its first project in Cebu called 8 Newtown Boulevard.

Megaworld said it expects its net earnings to hit a record P6 billion this year, up 18 percent from P5.09 billion in 2010 on robust sales of its mega-communities and strong take-up of retail and office space. In the nine months ending September this year, the company’s net profit grew 36 percent to P4.08 billion.

By yearend, reservation sales are forecast to rise to P44 billion while rental income is seen to reach a record high P4 billion with the completion of Lucky Chinatown Mall which will have more than 108,000 square meters of retail space by end-2011.

The company will also complete more than 77,000 sqm of new office space to cater to the growing demand of BPO companies.