Megaworld is Phl's top residential condo developer for over a decade

MANILA, Philippines - Upscale property developer Megaworld Corp. emerged as the leading residential condominium developer in the Philippines for over a decade with 16 percent of the market, results of a recent study by real estate advisory firm CB Richard Ellis showed.

Megaworld has rolled out the most number of residential condominium units during the 12-year period from 2000 to 2011, totaling more than 40,000 units, the study noted.

The units account for an estimated total aggregate saleable area of about 1.9 million square meters or 16 percent of the market, according to CBRE.

The figures reinforce Megaworld’s continued leadership in the tightly-contested condominium market, it pointed out.

Megaworld was also earlier recognized by property consultant Colliers International as the top residential condo developer based on the number of units completed and to be completed until 2016 and total aggregate saleable area.

“Megaworld has the distinction of being recognized by two international real estate services firms as the No.1 residential condominium developer. This is a testament to the company’s dedication to address on a large scale the Filipinos’ need for quality homes in the very best locations,” said Megaworld senior vice president Francis Canuto.

In 2011 alone, Megaworld put on stream eight new projects -- One Eastwood Avenue in the developer’s pioneering 18-hectare Eastwood City township in Quezon City; 101 Newport Boulevard and Belmont Luxury Hotel in the 25-hectare Newport City in Pasay City; One Uptown Residence in the new 16-hectare Uptown Bonifacio in the Global City; Tower 1 of The Viceroy in the 50-hectare McKinley Hill in Fort Bonifacio; the second tower of Manhattan Heights, the third phase of the 5.7-hectare Manhattan Garden City at the Araneta Center; the 31-story Greenbelt Hamilton in the Makati CBD; and Eight Newtown Boulevard, Megaworld’s first luxury residential project in Mactan, Cebu.

Canuto said the company is continuing its trek to even greater heights this year with the scheduled launch of 11 residential projects in the first half.

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

The company is also looking to target a wider range of customers through the projects of subsidiaries Empire East Land Holdings Inc. and Suntrust Properties Inc.

In the nine months ending September last year, the Megaworld Group sold more than 7,400 residential units valued at P27.8 billion.

Megaworld expects its net earnings to hit a record P6 billion in 2011, up 18 percent from P5.09 billion the previous year, on robust sales of its mega-communities and strong take-up of retail and office space. The company posted a profit of P4.08 billion from January to September last year, 36 percent higher than the year earlier figure.