Property giant Megaworld and its subsidiary brands will more than double its residential projects with P80 billion in launches this year, up from the P39 billion worth of launches from 2017.
The Andrew Tan-led company has earmarked up to P60 billion this year to fund Megaworld’s various development projects including residential developments, as well as for land acquisition and other investment properties.
“This record launch of new residential projects in a year is intended to further boost our aggressive position as the country’s top residential developer. There is no better time to expand our residential offerings across the country but now, when the economy is sound and healthy, and our country is experiencing the infrastructure boom,” said Megaworld senior vice president Kevin L. Tan.
In 2017, Megaworld’s residential business comprised 70-percent of its entire revenue pie, growing around 4.5% to P34.6-billion year-on-year.
This record launch of residential projects by Megaworld, which includes subsidiaries Global-Estate Resorts, Inc. (GERI), Empire East Land Holdings, Inc., and Suntrust Properties, Inc., spans across various township developments and key cities all throughout the country.
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Approximately 70% of this year’s new launches will come from parent company Megaworld, which has earmarked new projects in Arcovia City in Pasig City; Capital Town in Pampanga; Iloilo Business Park in Iloilo City; Maple Grove in Gen. Trias, Cavite; The Upper East in Bacolod; Westside City in Paranaque City; McKinley West and Uptown Bonifacio in Taguig; as well as in Makati CBD and Manila City.
Global-Estate Resorts, Inc., on the other hand, is set to cover around 15% of the new launches in Twin Lakes near Tagaytay; Southwoods City in Biñan, Laguna; and in Ortigas CBD.
Suntrust Properties, Inc. is set to take up the remaining balance through residential launches inQuezon City, Cavite, Davao, Baguio and in Bicol Region.
As of end-May, Megaworld and its subsidiaries have already achieved reservation sales for its residential offerings amounting to P73 billion. The group has seen robust demand in its townships such as Westside City in Pasay City, McKinley West in Taguig City, Maple Grove in General Trias, Cavite, and Iloilo Business Park in Iloilo City.
