Megaworld targets P8-B sales for RFO units this yr

MANILA, Philippines - Megaworld Corp., the flagship property firm of tycoon Andrew L. Tan, expects to hit the P8-billion sales mark for its niche ready-for-occupancy (RFO) residential units, a top company official said.

Donna V. Racho, vice-president for sales and marketing of Megaworld’s Prime Properties Investment Group, said they expect to post P8 billion in revenues this year, double the P4 billion it recorded as of July.

“We are making more. Double this year,” she said.

Since its launching in July 2012, the marketing division contributed roughly P4 billion in revenues to Megaworld. Prime Properties is in charge of the lease, sale and re-sale of RFO units.

“There is a huge demand for RFOs. There is an untapped market,” Cacho said, adding that Megaworld created Prime Properties to cater to those that prefer quick turnover of units.

Given presently robust figures, Prime Properties is on track to contributing P15 billion in consolidated revenues in the next three years.

RFO units account for roughly five percent of the total units in all residential condominium projects of Megaworld.

Cacho said Prime Properties facilitate ownership of condominium units through low downpayment and flexible payment terms.

“For us to maintain [high sales], we always have the personalized after-sales service like the interior design services we have in-house,” she said.

For next year, Cacho said the group will launch more creative designs and concepts that will cater to distinct tastes of RFO unit buyers.

“Most of the buyers of RFO units are the first-time condominium dwellers and end-users who want to move in right away,” Cacho said.

The RFO properties Megaworld is aggressively selling are the One Central and Greenbelt Madison in Makati central business district; eight Forbestown Road in Forbes Town Center, Bonifacio Global City, Taguig; Eastwood Le Grand Towers 1 and two in Eastwood City in Libis; Tuscany Private Estate, 115 Upper McKinley, McKinley Hill Garden Villas and Morgan Suites Executive Residences in McKinley Hill, Taguig; and The Residential Resort’s Sarasota and Pine Crest in Newport City in Pasay.

As of July, Megaworld had 1,000 RFO units for sale worth a combined P7 billion.