November 13, 2019 at 07:20 pm
Jenniffer B. Austria
Megaworld Corp., the biggest lessor of office spaces, said net income attributable to the parent company rose 14 percent to P12.8 billion from P11.3 billion year-on-year on double-digit growth in real estate, rental and hotel revenues.
Megaworld said in a disclosure to the stock exchange consolidated revenues in the January-to-September period increased 17 percent to P48.1 billion from P41.3 billion a year ago on the strong performance of its core businesses.
Real estate sales climbed 11 percent to P30.7 billion from P27.6 billion on year.
Megaworld has launched P58.7 billion in new residential inventory since the start of the year, while reservation sales reached P114 billion.
“Megaworld’s consistent growth across all business segments is a clear indicator of where the company is going, and we are very optimistic to finish the year strong. We have already introduced quite a number of real estate projects this year, which reflects the kind of demand that we have been seeing since last year. Megaworld will always be market driven, and as long as we see this type of demand on the ground, then we will continue to launch projects aggressively,” said Megaworld chief strategy officer Kevin Tan.
Rental revenues surged 19 percent in the first nine months of the year to P12.4 billion from P10.5 billion on year on the back of strong leasing from offices and mall developments.
Megaworld expects to complete another 192,000 square meters of office spaces before the end of the year to end the year with over two million sq. m.
The company is also set to build four new full-scale malls: The Capital Mall in Capital Town, Pampanga; Mactan Newtown Beach Walk in The Mactan Newtown, Cebu; Upper East Mall in The Upper East in Bacolod City; and Highland Mall in Highland City in Cainta, Rizal.
All these new commercial properties are expected to be completed within the next three years.