Office and condominium builder Megaworld Corp. raised its target for residential launches this year to P80 billion from the initial goal of P60 billion as demand remains strong despite rising interest rates.
Megaworld senior vice president Kevin Tan said during the annual stockholders’ meeting Friday the company upgraded the target after the project launches reached P40 billion in the first quarter of the year.
“This record launch of new residential projects in a year is intended to further boost our aggressive position as the country’s top residential developer. There is no better time to expand our residential offerings across the country but now, when the economy is sound and healthy, and our country is experiencing the infrastructure boom,” Tan said.
Tan said reservation sales in 2018 were expected to hit a record P110 billion from P105 billion this year.
Megaworld and its subsidiaries have already registered reservation sales of P73 billion in the first five months of 2018.
Approximately 70 percent of this year’s new launches will come from parent company Megaworld, which has earmarked new projects in Arcovia City in Pasig City, Capital Town in Pampanga, Iloilo Business Park in Iloilo City, Maple Grove in Gen. Trias, Cavite, The Upper East in Bacolod, Westside City in Paranaque City, McKinley West and Uptown Bonifacio in Taguig, Makati CBD and Manila.
Global-Estate Resorts Inc., meanwhile, is set to cover around 15 percent of the new launches in Twin Lakes near Tagaytay, Southwoods City in Biñan, Laguna and the Ortigas CBD.
Suntrust Properties Inc. is set to take up the remaining balance through residential launches in Quezon City, Cavite, Davao, Baguio and the Bicol Region.
The group has seen robust demand in its townships such as Westside City in Pasay City, McKinley West in Taguig City, Maple Grove in General Trias, Cavite and Iloilo Business Park in Iloilo City.