Strong Residential Sales, Malls and Hotel Revenues boost Megaworld's Q1 Profit

By Miong - Thursday, May 09, 2024

Company to end 2024 with 35 townships as it celebrates 35th anniversary this year

Property giant Megaworld, the country’s leading township developer, saw its net income climb to P5.0-billion during the first quarter of 2024, a significant 10% increase from the same period last year. Net income attributable to shareholders of the parent company stood at P4.4-billion, marking an 8% growth year- on-year.

Consolidated revenues grew by 16% to almost P19-billion as core businesses registered solid growth during the period.

Real estate sales surged by 29% to P12.1-billion, driven by strong bookings and unit sales, while leasing revenues grew 6% to P4.6-billion during the quarter compared to the same period last year.

Megaworld Lifestyle Malls revenues soared by 20% to P1.5-billion, driven by higher tenant sales and improved occupancy of 93%, while Megaworld Premier Offices revenues were on the same level at P3.2-billion.

Megaworld Hotels & Resorts revenues, on the other hand, grew by 39% to P1.1-billion compared to P813-million in the same period last year. This rapid rise was largely buoyed by the growth of MICE (Meetings, Incentives, Conventions, Exhibitions) activities and local tourism especially in Boracay Newcoast, highlighted by the strong bookings of the Boracay Newcoast Convention Center during the period. The Boracay Newcoast Convention Center is considered to be the most modern and one of the biggest MICE facilities in Boracay Island today with a seating capacity of 1,200.

“We started 2024 by consolidating our strength and forging stability for our core businesses as we look forward to many more opportunities for growth in the coming years. This year, we hope to finish 2024 with 35 townships to coincide with our 35 years in the Philippine real estate industry,” says Kevin L. Tan, chief executive officer, Alliance Global Group, the parent company of Megaworld.

To date, Megaworld has 31 master‐planned integrated urban townships, integrated lifestyle communities, and lifestyle estates across the country, namely: Eastwood City in Libis, Quezon City, (18.5 hectares); Newport City in Pasay City (25 hectares); McKinley Hill (50 hectares), McKinley West (34.5 hectares), Uptown Bonifacio (15.4 hectares) and Forbes Town (5 hectares), all in Fort Bonifacio, Taguig City; Lucky Chinatown in Binondo, Manila (3 hectares); The Mactan Newtown in Lapu‐Lapu City, Cebu (30 hectares); Iloilo Business Park in Mandurriao, Iloilo City (72 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Boracay Newcoast in Boracay Island (150 hectares); Twin Lakes in Laurel, Batangas near Tagaytay (1,300 hectares); ArcoVia City in Pasig City (12.3 hectares); Southwoods City in the boundaries of Biñan, Laguna and Carmona, Cavite (561 hectares); Davao Park District in Lanang, Davao City (11 hectares); Alabang West in Las Piñas City (62 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); Suntrust Ecotown in Tanza, Cavite (350 hectares); Maple Grove in General Trias, Cavite (140 hectares); The Hamptons Caliraya in Lumban‐Cavinti, Laguna (300 hectares); The Upper East (34 hectares) in Bacolod City; Northill Gateway (50 hectares) in the boundaries of Bacolod City and Talisay City in Negros Occidental; Capital Town Pampanga beside the Pampanga Provincial Capitol in the City of San Fernando (35.6‐ hectares); Westside City in the Entertainment City in Parañaque City (31 hectares); Empire East Highland City in Cainta, Rizal (24 hectares); Arden Botanical Estate in the boundaries of Trece Martires and Tanza, Cavite (251 hectares); Paragua Coastown in San Vicente, Palawan (462 hectares); Northwin Global City in Marilao and Bocaue, Bulacan (85 hectares); Winford Resort Estate in Manila City (3 hectares); Sherwood Hills in Trece Martires, Cavite (340 hectares), and Baytown Palawan in Puerto Princesa, Palawan (6 hectares).

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