Property giant Megaworld is set to complete a record number of office and commercial projects this year, strengthening the company’s recurring income portfolio that is expected to further drive double digit growth in the next three to five years.
Megaworld the property giant is set to complete office and commercial project this year in a record number, which strengthening megaworld’s income portfolio that is expected to drive double digit growth in the next 3 to 5 years.
Currently Five office building with a combined inventory of around 207,000 SQM of new office spaces will be done by the company this year, bringing Megaworld’s total leasable office to 1.2 Million sqm, it’s still the highest inventory among office developers in the country
The office towers are Southwoods BPO Tower 1 in Southwoods city,Two Techno Place in Iloilo Business park, The Eastwood Global Plaza In Eastwood City, 10 West campus in Mckinley West and The World Commerce Place in Uptown Bonifacio.
Commercial properties and 7 lifestyle malls, including the expansion of existing malls with a total of 176,000 sqm of GFA (Gross floor area), others projects will be completed around the country, specifically in ArcoVia City, Iloilo Business park, Alabang West, Las Pinas City, Makati city, Mckinley Hill and Uptown Bonifacio.
Which brings the company’s total gross floor area for the malls and commercial properties to 791,587 sqm by the end of this year 2018.
“we build a stronger foundation if we continue to grow our recurring income base. This is why we invest greatly on our rental properties, and taking advantages of the strong economy of the Philippines and the huge potential investment into the country. “ says kevin L. Tan, Senior Vice President, Megaworld
The first quarter of 2018, rental income which is primarily came from leasing of offices spaces and our lifestyle malls, grew to 16.5% to a record of P3.4 Billion from last year’s P 2.9 Billion, it’s the fastest among the company’s other business segments.
“The Company remains successful in achieving its goal of P20 Billion in rental revenues by 2020. This year 2018 will be critical for us as we construct a great reputation number of leasable office and mall spaces” Kevin L tan adds.
Dr. Andrew Tan Led property giant, is known for developing particularly urban townships all over Philippines, grew its net income by 12.5 % to P 3.3 billion in the first quarter of 2018 from P 2.9 Billion with the same period in the previews year.
Megaworld’s combine revenues grew close to 10% to P13.1 Billion in the first 3 months of 2018 from P12 Billion during the same period in the previous year.
Comprising around 70% of its combined revenues, The company’s residential business was up to 6% in the 1st quarter of 2018, growing to P8.8 billion from P8.3 billion on the same period on the previous year.
“what we are excited is the fact that our hotel business is also growing fast” said by Mr. Tan, Megaworld’s hotel revenues grew around 10% in the first quarter of the year to P368 million from P335 million during the same period last year as the company continue to expands its hotel brands Savoy and Belmont to other areas of the country
Also Earlier this year, Megaworld announced the improvements of its developments and evolved into Itownship concept” a move that improves its developments by including digital technology, innovative design, connectivity and sustainable environment into its townships