Category: Megaworld Corporation

Megaworld reports fast take up of Makati condos

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The Philippines’ leading property developer, Megaworld, is bullish on Makati Central Business District’s residential market as it reports a “remarkable” take up of its residential units in the country’s premiere financial district in the last three years.

For the past three years, the company has already sold out six residential projects in Makati CBD at an average of just three to six months of selling, namely, One Central, Two Central, Paseo Heights and Salcedo SkySuites in Salcedo Village; and Greenbelt Hamilton 1 and Greenbelt Madison in Legaspi Village. These six projects have a total of 2,346 residential units.

“The good economic condition that the country enjoys since last year is largely felt in Makati CBD. The office spaces are getting filled up and the retail industry is on its all-time high. That is why our residential condominiums, all located in premium addresses, are also on high demand,” admits Eugene Em Lozano, vice president for sales and marketing for Makati CBD, Megaworld.

Megaworld is now one of the biggest residential condominium and office developers in Makati CBD with around 27 office and residential towers in its portfolio in the country’s financial center.

This year, the company is completing Two Central, a 29-storey residential tower along Valero Street in Salcedo Village, with a total of 408 residential units.

To date, construction of the 30-storey Paseo Heights fronting the famous Salcedo Park and the 50-storey Three Central along Valero Street, which will house its own podium mall, is on full-swing. Both towers are expected for completion by 2017 with a total of 992 units.

The first tower of Greenbelt Hamilton, which is near Legazpi Park, on the other hand, is also under construction, and is scheduled for completion next year. The second tower, which is now almost sold out, is up for completion in 2019. Both towers will have a total of 601 units.

The 32-storey Salcedo SkySuites in Salcedo Village, which boasts of the country’s first roof deck heated outdoor infinity pool, is scheduled for completion by 2018 with a total of 241 units.

“Our high-end residential projects are located within the most sought-after addresses in Makati Central Business District. Nothing can beat the location of the center of the CBD which certainly offers the fastest return of your investment,” explains Lozano.

In order to sustain the strong demand for Megaworld properties in the Makati CBD, Megaworld announces that it is set to launch three more residential projects until 2016. The new residential towers will be part of the company’s efforts to increase the portfolio of property developments in the country’s premier financial hub to more than 30 towers by 2016.

“As Makati continues to establish itself as the top location for real estate investment, Megaworld is poised to aggressively expand its residential condominium portfolio in this premiere city,” says Lozano.

Aboitiz, Ayala Land, Megaworld, SM Prime form consortium for P123.8-B Lakeshore project bid

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Four of the biggest companies in the Philippines have formed a consortium to bid for the P123.8-billion Laguna Lakeshore Expressway and Dike Project (LLEDP).

Holding firm Aboitiz Equity Ventures, Inc. (AEV), real estate giants Ayala Land Inc. (ALI), Megaworld Corporation (MEG) and SM Prime Holdings, Inc. (SMPH) agreed to form Trident Infrastructure and Development Corporation (TIDC), and acting together, have formed a consortium in order to pre-qualify for the LLEDP and evaluate the feasibility of the project with the view of submitting a competitive bid proposal for what is considered to be the biggest public private partnership (PPP) project of the Aquino administration.

The project includes the construction of a 47-kilometer expressway and a 45-kilometer flood control dike, and the reclamation of around 700 hectares of land in the western part of Laguna Lake.

Dubbed as “Team Trident”, the consortium’s four members will each have an effective equal share of 25 percent. It combines the infrastructure expertise of the Aboitiz and Ayala groups as well as the reclamation and land development experience of Aboitiz, Ayala Land, Megaworld and SM.

The consortium also benefits from the combined financial muscle and the national and international network of experts that the four companies have, which will be able to benefit millions of Filipinos and thousands of businesses along the western shore of Laguna de Bay.

Trident brings together the expertise, experience, financial strength, and network that is needed to successfully execute a project the size and scale of LLEDP.

Global Estate Resorts consolidated into Megaworld

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Real estate tycoon Andrew Tan has completed the consolidation of property businesses under flagship Megaworld Corp. with the latter’s takeover of a controlling stake in the group’s leisure estate arm Global-Estate Resorts Inc. (GERI).

In a disclosure to the Philippine Stock Exchange on Friday, the group announced that Megaworld would purchase the 49.2 percent stake in GERI held by parent conglomerate Alliance Global Group Inc. for P10.43 billion or P1.93 per share.

After the acquisition, Megaworld will own 74.96 percent of GERI. Megaworld will also initiate a mandatory tender offer for the remaining GERI shares held by minority stockholders. The group said this acquisition would complete the consolidation under Megaworld of all real estate businesses of AGI, enabling Megaworld to “capitalize on real estate opportunities and capture the expected growth momentum of its real estate affiliates.”

Megaworld offered to purchase the GERI shares at P1.93 per share based on the 30- day volume weighted average price of GERI shares as of April 30, 2014. The price is supported by a fairness opinion and valuation report issued by Navarro Amper & Co. (Deloitte), the company said. GERI is a leading tourism estate developer in the country. Its projects include the 150-hectare Boracay Newcoast on Boracay Island; the 1,149-hectare Twin Lakes in Tagaytay; the 34-hectare Sta. Barbara Heights in Iloilo City and the 561-hectare Southwoods City on the boundary of Carmona, Cavite, and Binan, Laguna, which is being developed into a fully integrated master-planned township development. Megaworld, on the other hand, is a leading residential condominium developer and pioneer of townships in the country which include Eastwood City in Quezon City, which is the country’s first cyberpark; Newport City in Pasay City; McKinley Hill, Uptown Bonifacio and Forbes Town Center in Bonifacio Global City; The Mactan Newtown in Lapu-Lapu City, Cebu; and the Iloilo Business Park in Iloilo City. It is also a leading office landlord and developer in the Philippines today with around 712,000 square meters of office space. Aside from owning a controlling stake in GERI, Megaworld already owns 82 percent of Empire East Land Holdings and 100 percent of Suntrust Properties Inc.

Megaworld’s profit up by 22% to P9.03B in 2013

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Megaworld Corporation, the Philippines’ leading property developer and the no. 1 office developer and landlord, posted a net income of P9.03-billion (inclusive of P760-M non-recurring gain) in 2013, 22 percent higher than in 2012 due to strong residential sales from its various townships, particularly in Newport City, Uptown Bonifacio, McKinley Hill and Eastwood City; and higher leasing income from its office and retail portfolio. In 2012, the company posted P7.41-billion net income that was also attributed to strong sales from its residential segment.

“The country’s strong and stable economy as well as the continuous growth of the BPO sector have propelled our growth in 2013. Last year was another banner year for Megaworld,” says Dr. Andrew L. Tan, chairman and CEO, Megaworld.

Total revenues of Megaworld, together with its subsidiaries Empire East Land Holdings and Suntrust Properties, amounted to P36.24-billion in 2013, up 18 percent from P30.6 billion in 2012.

The Megaworld Group posted a record P68.2-billion in reservation sales in 2013 from the 18 projects launched.

Last year’s launched projects include 10 for Megaworld: One Eastwood Avenue Tower 2 in Eastwood City; Uptown Parksuites in Uptown Bonifacio; The Florence Tower 1 in McKinley Hill; Manhattan Plaza Tower 1 in Araneta Center, Quezon City; Bayshore Residential Resort Phase 2 in Pasay City; One Manchester Place Tower 1 in The Mactan Newtown, Cebu; and One Madison Place Tower 1, 2, and 3 as well as commercial lots in the Iloilo Business Park in Mandurriao, Iloilo City.

Meanwhile, Empire East has launched five towers: San Lorenzo Place Tower 3 in Makati City; Kasara Urban Residences Tower 3 and The Rochester Tower 6 in Pasig City; and Cambridge Village Clusters 32 and 33 in the border of Pasig City and Cainta, Rizal.

Suntrust Properties, likewise, has launched three residential projects: Suntrust Kirana in Pasig City, Suntrust Rivabella and Suntrust Ecotown in Cavite.

On the other hand, Megaworld’s rental income from office developments and lifestyle malls surged to a record P6.04-billion in 2013, 21 percent higher than P4.99-billion in 2012.

Megaworld is set to further solidify its position as the leader in office development in terms of total office space inventory by completing another 112,000 square meters of office spaces this year. By the end of 2014, the company will have around 712,000 square meters of office spaces in its portfolio with the completion of new state-of-the-art office towers in Uptown Bonifacio, The Mactan Newtown in Cebu, and Iloilo Business Park.

On the retail side, Megaworld is also set to complete another 70,000 sqm in additional commercial and retail spaces with the completion of the Venice Grand Canal Mall in McKinley Hill, and some commercial strips at The Mactan Newtown, bringing its commercial and retail space portfolio to 240,000 square meters by the end of 2014.

“Along with our sustained growth in the residential segment, we are committed to further expand our recurring income portfolio especially in our office and retail businesses. Year after year, we will be completing more office towers, malls, and commercial spaces. By 2017, we expect our rental income to reach P10-billion, double that of 2012,” adds Tan.

Megaworld has pioneered the “LIVE-WORK-PLAY-LEARN” lifestyle concept for mixed-use communities in the Philippines, which are popularly known as “townships.”

To date, the company has 10 townships all throughout the country covering around 300 hectares of land. This includes the 17-hectare Eastwood City, which is considered to be the country’s first cyberpark; the 50-hectare McKinley Hill in Fort Bonifacio; the 25-hectare Newport City in Pasay City; the 5-hectare Forbes Town Center in Bonifacio Global City; the 28.8-hectare The Mactan Newtown in Lapu-Lapu City, Cebu; the 15.4-hectare Uptown Bonifacio in Bonifacio Global City; the 34.5-hectare McKinley West in Fort Bonifacio; the 14-hectare Woodside City in Pasig City; the 11-hectare Davao Park District in Davao City; and the 72-hectare Iloilo Business Park in Iloilo City.

Over the past 24 years, the Megaworld Group has emerged as the country’s No. 1 real estate organization. It has completed more than 320 residential and office buildings with a total area of around 5.6 million square meters. Currently, about 185 residential, office and hotel buildings with a total area of around 5.4 million square meters are under development.