Megaworld sales up 81%

Andrew Tan-led Megaworld Group posted an 81 percent increase in sales in the first nine months of 2010.

In a disclosure to the Philippine Stock Exchange yesterday, the Megaworld Group said it sold P36.3 billion worth of property and housing units, almost double the P20.2 billion posted in the first nine months of 2009.

The Megaworld group comprises three brands catering to different market segments, namely, Megaworld, Empire East and Suntrust.

Megaworld Corp. had the biggest contribution in total sales, amounting to P29.7 billion.

"The amount came from Megaworld’s ongoing residential projects in Metro Manila including Eastwood City, McKinley Hill, Newport City and Manhattan Garden City," Megaworld said.

Empire East Land and Suntrust Land, posted combined sales of P6.9 billion.

"Empire East and Suntrust are focused on medium-cost and affordable housing, respectively," Megaworld said.

"Both developers have ongoing projects in Metro Manila and in the nearby growth centers of Cavite and Laguna," it added.

Megaworld said that it has five mega-community projects on the rise, namely, Eastwood City in Quezon City; McKinley Hill, McKinley West, and Bonifacio Uptown in Fort Bonifaco; and Newport City in Pasay City.

"Once fully developed, these five mega-communities will be home to around 48,000 families and 202,000 BPO office workers," Megaworld said.

"In the last two decades, Megaworld and its affiliates have completed more than 200 residential and office buildings with a total floor area of approximately 5.4 million square meters," Megaworld added.

For details on Megaworld projects, contact Reby Ramirez @ +63 916.4044.555 / +63 922.883.9308 / +63 919.699.3572 or e-mail her at reby_ramirez@yahoo.com.

Source: Business Insight, October 13 2010

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