Megaworld: Towards a complete, well-connected lifestyle

Through the years, residents and visitors have seen the transformation of the Metro Manila landscape. At the forefront of this change is Megaworld, which develops large-scale residential and office structures including urban centers integrating office, residential and commercial components. Also, Megaworld as a holding company is into merchandise trading as well as hotel and leisure.

As Megaworld anticipates the recovery of the property sector, it has struck deals with both private partners and the government for a joint development of large tracts of strategically located properties in Metro Manila. These include the five-hectare Forbes Town Center in Bonifacio Global City, the 50-hectare McKinley Hill in Fort Bonifacio and the 25-hectare Newport City in Villamor Air Base. In its flagship project, Eastwood City, Megaworld is set to develop roughly four more hectares of land. To meet a robust demand for office space among business process outsourcing companies, the developer is building an office tower called 1880 Eastwood Avenue to join the IT buildings already operating at the Eastwood City CyberPark. Given that its projects are located in Luzon, Megaworld will concentrate on this area over the next seven to 10 years.

Moreover, Megaworld is building all its projects within 20 kilometers of the Makati central business district. By focusing on high-growth centers such as Makati, Quezon City, Mandaluyong and now Taguig, Megaworld aims to serve the needs ofóand create lasting value foróan urban-based upper middle to high-end clientele.

Meanwhile, through its subsidiaries and affiliates, it is into large-scale community developments in fast-rising growth hubs in the suburbs for a broad middle-income market. Empire East Land Holdings, Inc. anchors its reputation as a leading township developer on successful, self-contained communities such as Laguna BelAir in Sta.Rosa, Laguna, Cambridge Village in the Pasig-Cainta area and California Garden Square in Mandaluyong City. Meanwhile, Empire East Suntrust (Empire East Properties, Inc.) is building affordable energy-saving homes such as Sta. Rosa Heights along the Sta. Rosa-Tagaytay National Road and Sunrise Hills and Governorís Hills in Cavite.

Through Empire East Suntrust and Empire East Land, Megaworld provides homes and communities that bring a better quality of life within the reach of Filipino families with low to moderate incomes. Not only that, by undertaking large-scale community projects that meet a steadily growing demand, Megaworld does its share to help the economy grow.

During the real estate crisis in the 1990ís, Megaworld made it a goal to complete and deliver the projects that it had started, instead of slowing down construction to save on expenses. Thus, between 1997 and 1998, the Megaworld Group completed around a dozen projects. This boosted Megaworldís income through the turnover payments that it collected from customers, which amounted to around 30 to 40 percent of the contract price of each unit. Megaworld also made it a priority to pay off its creditors so that by 2000, it had zero debt.

At present, Megaworld has taken some measures to be able to meet a possible slowdown in the real estate business. First, the Megaworld Group continues to focus on the middle market, which to date remains largely untapped. Second, Megaworldís mixed-use projects such as Eastwood City, Forbes Town Center, McKinley Hill and Newport City cater not only to homebuyers but also to corporate, commercial and institutional clients. Third, the company builds its land bank through joint ventures with landowners instead of outright purchases to conserve its resources.

Over the next five to 10 years, Megaworld foresees a keener level of competition among real estate players. More real estate companies, both old and new, will be launching bigger, more ambitious projects. Megaworld, for its part, will continue to build on a strong, solid brand name as the countryís foremost and most trusted residential developer by delivering landmark communities in the most preferred urban locations for the benefit of Filipino families and businesses.

Clients agree that Megaworldís strength lies in its ability to offer innovative products and services custom-tailored to their needs and lifestyle preferences. In recent years, it has become more adept and more flexible in this regard as it shifts its focus from mere stand-alone buildings to massive, master-planned communities in Metro Manilaís strategic urban centers. By bringing together homes, offices, shops, schools and leisure and entertainment amenities in one central location, Megaworld offers the market all the benefits of a complete, well-connected lifestyle. Today, the company is duplicating on an even larger scale the successful live-work-play-study concept of its pioneering Eastwood City development in projects such as Forbes Town Center, McKinley Hill and Newport City.