Property developer Megaworld Corp. booked a 39-percent net income growth in the first three quarters of 2023 on higher sales across its core businesses.
The company expects to exceed its year-end reservation sales target of P130 billion, with its nine-month tally growing 28 percent to P109.5-billion. The figure represented 84 percent of the company’s year-end goal.
“We are optimistic that we will reach our record revenues by the end of the year across our businesses as we continue to capture opportunities within and beyond Metro Manila,” said Kevin Tan, chief executive of Alliance Global Group, the parent company of Megaworld.
Real estate sales went up by 11 percent year-on-year to P29 billion, led by higher project completion rates.
The company expects to exceed its year-end reservation sales target of P130 billion, with its nine-month tally grew 28 percent to P109.5-billion. The figure represented 84 percent of the company’s year-end goal.
Megaworld launched P69.3-billion worth of projects this year, with three big projects being rolled out in the third quarter.
These include Uptown Modern in Uptown Bonifacio, Taguig City with P29-billion worth of inventory; Laurent Park in Manhattan Garden City, Quezon City with P6.5 billion; and Kensington Sky Garden in Upper East, Bacolod City with P2.5 billion.
“We still have projects to be launched before the year ends,” Tan said.
Leasing revenues from Megaworld Lifestyle Malls and Megaworld Premier Offices also grew 17 percent to P13.3-billion in the first three quarters.
Megaworld Lifestyle Malls improved its revenues by 70 percent to P3.9 billion on higher rental collections, while Megaworld Premier Offices posted 3-percent revenue growth to P9.4 billion.
