Megaworld Corporation
Megaworld eyes offshore gaming operators at Davao Finance Center

DAVAO CITY — Megaworld Corp. is in discussions with offshore gaming operators who have expressed interest in locating at the Davao Finance Center, which is targeted to open within the first half of this year.

“Davao is one of the key cities that they are looking into,” Megaworld Senior Vice-President Jericho P. Gotold media here Thursday.

The 14-storey Davao Finance Center, the first building that will be completed within the company’s Davao Park District township project, will have 26,000 square meters of office space that is positioned for licensed Philippine Offshore Gaming Operators (POGO) and business process outsources (BPO) companies.

The POGO program, with licenses issued by the Philippine Amusement and Gaming Corp., was launched in 2016.

For BPOs, Mr. Go said three to five companies have already expressed their intent to lease space at the center.

“Now that the building is ready… we know that BPOs both in Davao and other parts of the Philippines are very interested to start operating here,” he said.

The finance center has two lobbies, one for the “low zone” and the other for the “high zone,” each with exclusive elevator access.

Mr. Go said apart from efficient foot traffic management, the separate access points are also intended to address cultural “challenges.”

“Ideally, when you entertain BPO and POGO (in one building), they would have separate and exclusive access. For a basic reason, when you talk about POGO, these are Chinese nationals and more often than not they don’t speak Tagalog so in order to anticipate possibilities that there might be some challenges facing both Filipino and Chinese, we created two separate lobbies,” he said.

The Davao Park District would be among Megaworld’s first sites for its iTownship concept, wherein “smart” technology would be a salient feature in all the facilities.

“This (Davao Finance Center) will become one, if not the most, technological advanced office tower in Mindanao,” Mr. Go said. 

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Megaworld notches double-digit growth in 2017, says official

MEGAWORLD Corp. said earnings grew at a double-digit pace in 2017, citing general growth across its residential, office, leisure, and hospitality segments.

“(It was a) very good year. Double digit growth to say the least,” Megaworld Senior Vice-President Kevin Andrew L. Tan told reporters last week when asked how the company performed in 2017.

Megaworld has yet to disclose its 2017 financial results.

The property firm of tycoon Andrew L. Tan is the country’s largest lessor of office spaces, ending the first nine months of last year with a total of 888,500 square meters (sq.m.). It had set a target to breach the one million sq.m. mark for its office space inventory by the end of 2017.

This segment was what drove the company’s net income 11% higher in the January to September period, allowing it to post an attributable profit of P9.98 billion. Rental income for the period climbed by 19% to P8.82 billion, contributing to its P37.1-billion consolidated revenues for the period.

Megaworld is currently beefing up its network of shopping malls to increase its contribution to recurring revenues by 2020. Mr. Tan said they will have a total of 28 malls at the end of this period, which will account for half of its P20-billion target for recurring revenues in 2020.

“At the very least one or two malls in every township. We have 23 townships so that’s at least 23 malls, plus a few more that’s stand alone,” said Mr. Tan, who also heads the company’s Lifestyle Malls division. 

With a total of 15 malls already operational, the Megaworld executive said the segment currently accounts for around 40% of recurring income.

“The mall business, there’s a lot of players. It’s a very crowded industry so the challenge is really to create a point of differentiation… We look at our mall business as part of a business strategy, which is the township model,” Mr. Tan said.

Megaworld is the property arm of Alliance Global Group, Inc., which also has core interests in liquor, gaming, and quick service restaurants.

The company currently has 23 townships located across the Philippines. This includes the 640-hectare Eastland Heights in Antipolo, Rizal and the 35.6-hectare Capital Town in Pampanga where Megaworld will spend P30 billion in the next 10 years. 

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Megaworld hikes spending for Parañaque township

THE GROUP of tycoon Andrew L. Tan is ramping up spending for its township called Westside City in Parañaque City to P121 billion for the development of residential units, hotels, and a casino complex in the area.

In a statement issued Tuesday, Megaworld Corp. said it will now be spending P54 billion over the next 10 years for Westside City, an integrated urban township within the state-owned casino and resorts complex, Entertainment City.

This is more than five times the original capital expenditure of P10 billion Megaworld allotted for the 31-hectare estate when it was launched in 2015.

With this, the listed property developer will be building two new homegrown hotel brands, namely Kingsford Hotel with 529 rooms and Grand Westside Hotel with 685 rooms.

“We give our all out support to the country’s growing tourism industry. Providing more hotel options will further boost tourist arrivals especially in this growth area,” Megaworld Senior Vice-President and Treasurer Francis Canuto said in a statement.

For the residential component, Megaworld will build Bayshore Residential Resorts consisting of 15 towers and Gentry Manor with four towers. The two developments will supplement Westside City’s residential inventory of around 4,000 units worth about P50 billion.

Meanwhile, Travellers International Hotels Group, Inc. (TIHGI) has also committed to spend $1.1 billion or around P57 billion for the development of Westside City Resorts World Complex inside the township.

“While a big portion of Westside City will be handled by Travellers International, Megaworld is pouring in a huge amount of money to expand our residential and hotel offerings within the township. The demand is high and we want to tap every available opportunity in this booming side of the metro,” Mr. Canuto said.

Aside from residential and hotel components, Westside City will also house a luxury mall and an array of leisure and entertainment facilities.

Megaworld is the property arm of Mr. Tan’s Alliance Global Group, Inc., while TIHGI handles investments for the gaming sector.

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Megaworld to launch P80-B worth of projects this year

Megaworld Corp. is scaling up its residential project launches to P80 billion this year, banking on the continued strong demand for properties from both local and foreign buyers.

In the first quarter of the year alone, Megaworld Senior Vice President Jericho P. Go said the company has already matched the value of projects it launched last year. In 2017, Megaworld unveiled P39 billion worth of projects.

Asked where the demand for projects is coming from, Mr. Go said around 78% is from local buyers, while the rest are from foreign investors and overseas Filipino workers.

“Majority (of demand) is still domestic…the locals are starting to realize that when they reserve, they better follow through immediately and make that downpayment so that they can secure the unit that they’re purchasing. So the foreign (buying) has created a positive impact in terms of local buying,” Mr. Go told reporters in a briefing after the company’s annual shareholders’ meeting in Quezon City on Friday.

Around 70% of the projects will be under Megaworld — located across its townships Arcovia City in Pasig City, Capital Town in Pampanga, Iloilo Business Park in Iloilo City, Maple Grove in General Trias Cavite, the Upper East in Bacolod, and throughout Metro Manila.

Its leisure and tourism estate subsidiary Global-Estate Resorts, Inc. will account for 15% of the launches in Twin Lakes near Tagaytay, Southwoods City in Laguna, and in Ortigas Center.

The balance will come from Suntrust Properties, Inc. through its projects in Quezon City, Cavite, Davao, Baguio, and the Bicol Region.

“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,” Megaworld Senior Vice President Kevin Andrew L. Tan said in as statement.

Alongside the project launches, Megaworld is targeting reservation sales to hit P110 billion this year, from the P105 billion it saw in 2017. Last year was a record high for Megaworld’s reservation sales, which was a P20-billion jump from around P80 billion it posted in 2016.

Mr. Tan said the company is on track to reach the P110-billion target this year, as reservations sales already reached P73 billion by the end of May.

The firm has committed to spend P60 billion to finance its projects this year, 25% higher than the P48 billion capital spending in 2017. Around 20% of the 2018 capex will be used to further grow Megaworld’s current land bank of 4,414 hectares across the country.

Mr. Tan said the company has already spent around P10 billion in capex during the first quarter of the year.

Megaworld booked P3.2 billion in attributable profit during the first quarter of 2018, 11% higher year-on-year, supported by a 10% jump in revenues during the period to P13.1 billion.

The company is the property arm of tycoon Andrew L. Tan’s Alliance Global Group, Inc., which also has investments in liquor, gaming, and quick serviced restaurants.


Megaworld acquires South Luzon-based company

MEGAWORLD Corp. is ramping up its land bank in Cavite and Laguna with the acquisition of a South Luzon-based real estate firm through one of its subsidiaries.

In a statement issued Tuesday, Megaworld said its wholly owned unit Suntrust Properties, Inc. recently acquired Stateland, Inc. The financial details of the deal were not disclosed.

The 42-year old Stateland has existing developments covering over 200 hectares primarily in Cavite and Laguna, as well as some parts of Metro Manila.

Stateland’s existing developments include horizontal residential projects, such as the 4.34-hectare Villa San Lorenzo in Imus, Cavite; the 23-hectare San Francisco Heights; 16.25-hectare Gran Avila, and 7.46-hectare Casa Laguerta, all in Calamba, Laguna.

The company’s latest project is its flagship community development called Washington Place along Aguinaldo Highway in Dasmariñas, Cavite. Washington Place spans 40 hectares and offers some 1,700 housing units priced at around P1.7 million to P5.6 million.

Stateland also has developments around Metro Manila, having built upscale pocket townhouse projects such as the Royal Circle Townhomes in Parañaque City; Royal Garden Townhomes in Malate, Manila; Hillcrest Townhomes in Quezon City; and Royal Chateau in Pasay City.

The company’s portfolio further includes residential and office condominiums in Makati, Quezon City, San Juan, Mandaluyong, and in Binondo, Manila.

Stateland is known to participate in the government’s shelter programs in areas with potential growth.

Aside from residential projects, Stateland has developed a number of industrial and farm lots in Bulacan, Cavite, and Pasig City.

The acquisition also includes around 150 hectares of raw land and other allied properties of Stateland, which will now be placed under Megaworld’s portfolio.

For its part, Suntrust has residential communities in Dasmariñas, Gen. Trias, and Silang in Cavite; Lipa, Batangas; Sta. Rosa and Calamba in Laguna; and in Bacolod City. The company also has condominium projects in Manila, Quezon City, Baguio City, and Davao City which cater to the middle to upper income segment.

“Our goal is to further expand our developments in CALABARZON area where the growth prospects are great. Stateland’s existing properties in nearby provinces of Cavite and Laguna are impressive, and we are more than excited for the opportunities to develop them,” Suntrust President Harrison M. Paltongan said in a statement.

Mr. Paltongan will now sit as the new president of Stateland.

Stateland will now be folded into Megaworld’s portfolio. Megaworld is the parent firm for tycoon Andrew L. Tan’s property investments, including Global-Estate Resorts, Inc and Empire East Land Holdings, Inc., among others.

Megaworld is under Mr. Tan’s Alliance Global Group, Inc., which also has core interests in liquor, gaming, and quick service restaurants.

The company grew its attributable profit by 11% to P3.2 billion in the first quarter of 2018, following a 10% uptick in revenues to P13.1 billion for the period.

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Megaworld to launch second residential tower in Taguig

MEGAWORLD Corp. is unveiling a second residential tower worth P7 billion in sales within its Taguig township, after quickly selling out the first phase of the Park McKinley West project this month.

In a statement issued Wednesday, the listed property developer said Park McKinley West’s second tower will offer 478 rooms across 25 floors.

Units range in size from 48.5 square meters (sq.m.) for one-bedroom, up to 110 sq.m. for two-bedroom, up to 212 sq.m. for three-bedroom, up to 229 sq.m. for four-bedroom, and up to 336 sq.m. for five-bedroom penthouse units.

Amenities include a lap pool and kiddie pool with a pool deck and lounge, fitness center, function rooms, yoga room and outdoor yoga deck, outdoor sitting areas, water features, children’s playground, game room and sky garden.

The property unit of tycoon Andrew L. Tan expects to complete the project by 2023.

The launch of the second tower follows the strong sales of Park McKinley West’s first residential building worth P6.5 billion, which has already been sold out two months after its launch in May.

Megaworld noted that rising prices for property units in the 34.5-hectare McKinley West township have not dampened demand, as investors are looking at the development’s prime location.

McKinley West is located in the southern part of Fort Bonifacio in Taguig, beside Forbes Park and the Manila Polo Club.

“At present, unit prices of Park McKinley West already rose 15% to P250,000 per square meter because of the huge demand for residential properties in McKinley West. We somehow expected this considering the remarkable take-up of lots in McKinley West Village, and the brisk sales of units in St. Moritz and The Albany. McKinley West is truly on a roll,” Megaworld Senior Vice President for Sales and Marketing Noli D. Hernandez said in a statement.

Megaworld now has four residential projects in the township, with the first being the McKinley West Village launched in 2010. The company noted that prices of lots in the upscale residential village have already tripled to around P200,000 per sq.m.

Its other residential offerings in the township are the St. Moritz Private Estate and The Albany. Megaworld said prices of units in both properties have already increased by 40% since their respective launches.

Megaworld’s net income attributable to equity holders of the parent rose by 11% to P3.2 billion in the first quarter of 2018, following a 10% increase in revenues to P13.1 billion for the period.


...projects after projects

Megaworld to invest P28B in first Bacolod township

MEGAWORLD CORP. is investing P28 billion over the next 10 years to develop its first integrated township in Bacolod City, which is being positioned as a new business district.

The property company, controlled by Andrew L. Tan, said it will start construction of the 34-hectare project, to be called The Upper East. The township located near the Bacolod City Government Center will feature a 30-meter, six-lane road, Upper East Avenue, as well as old-growth Acacia trees that have been preserved and incorporated into the project’s design.

“The Upper East will be the city’s first master planned mixed-use community that integrates the live-work-play components of an integrated urban township… Around 35% of the township will be dedicated to parks and open spaces. We are excited to build Bacolod’s new and modern central business and lifestyle district,” Megaworld Vice President for Sales and Marketing Rachelle Peñaflorida said in a statement.

The company initially launched the project in 2015, and will start construction of residential condominiums, malls, commercial centers, mixed-use buildings, office towers, hotels and other facilities such as a transport hub and open parks.

The project takes its inspiration from New York’s upscale neighborhood of the same name. Megaworld will build a lifestyle mall consisting of retail, entertainment, and leisure offerings, including a section patterned on Grand Central Station.

The first structure to rise within the development will be One Regis, a nine-storey residential condominium.

One Regis will offer studio units of up to 37 square meters (sq.m.), one-bedroom units of up to 58 sq.m., and two-bedroom units covering up to 73 sq.m.

Amenities in the mid-rise development will be located at the second floor, including a swimming pool, kiddie pool, pool lounge, seating areas, fitness center, events hall, shower rooms, and a walk park.

“One Regis will be located right across the township plaza and beside the iconic Casa de Emperador. It will also be just a short walk away from the future mall development. It will be a perfect sanctuary for those wanting to live the township lifestyle that only Megaworld can offer in Bacolod City,” Ms. Peñaflorida said.

Megaworld’s net profit attributable to equity holders of the parent rose 11% to P3.2 billion during the first quarter, driven by a 10% increase in revenue to P13.1 billion.

The company is one of the core units of Mr. Tan’s Alliance Global Group, Inc., which also has interests in liquor, gaming, and quick-service restaurants.


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Megaworld earnings rise 14% in 2nd quarter

Megaworld earnings rise 14% in 2nd quarterMEGAWORLD Corp. grew its attributable profit by 14% in the second quarter, driven by its residential, office, and mall properties alongside the acceleration of its hotel business.

In a regulatory filing, the property firm of tycoon Andrew L. Tan reported a net income attributable to equity holders of the parent to P4.1 billion in the April to June period, higher than the P3.6 billion it generated in the same period a year ago.

Revenues went up by 11% to P13.7 billion during the second quarter, against the P12.3 billion recorded in the same period a year ago.

This pushed Megaworld’s attributable profit 13% higher to P7.25 billion in the first semester, after revenues climbed 10% to P26.8 billion.

“Megaworld’s consistent growth across all business segments is a clear indicator of where the company is going, and we are continuously focusing on putting better value to our customers through our programs on innovation and design, digital technology, smart mobility and connectivity as well as environmental sustainability,” Megaworld Senior Vice President and Treasurer Francisco C. Canuto said in a statement.

Real estate sales rose 10% to P7.46 billion during the April to June period, bringing the six-month tally to P14.65 billion.

Megaworld said it booked P73 billion in reservation sales during the January to May period alone. It launched six residential projects for the first half, namely Park McKinley West in Taguig, Chelsea Parkplace in Pampanga, Bayshore Residential Resorts Phase 2 and Gentry Manor in the Bay Area, Tulip Gardens in Laguna, and The Fifth in Ortigas.

Rental income during the second quarter jumped 7.5% to P14.65 billion, pushing the first semester tally 17% higher to P6.79 billion. Megaworld has office, malls, and commercial space leasing businesses.

The property giant also benefited from the expansion of its hotel portfolio, which allowed it to book P347.16 million during the second quarter and P715 million for the first half. It opened the Savoy Hotel Manila in Newport City which houses 684 room, bringing its total inventory to 2,428.

Megaworld plans to open two more hotels, namely Twin Lakes Hotel in Tagaytay and Lucky Chinatown Hotel in Binondo to meet its year-end target of 2,648 rooms.

“We are ready to supply more rooms to support the government’s goal of 10- million tourist arrivals by 2020. We are in key tourism areas like Cebu, Boracay and Tagaytay,” Mr. Canuto said.

The company saw particular growth in its condotel properties, where buyers can purchase units while the management acts as operator. The owner then gets a share from the hotel revenues in addition to time-sharing privileges in the use of hotel rooms and facilities.

It further noted that Belmont Hotel Manila’s return on investment percentage stood at 7.4% in 2017, higher than the company’s six percent target.

“There is so much potential in this business, and this has also contributed to our bottom line. As a pioneer of this condotel concept in the Philippine real estate industry, we hope to bring in more innovations to this unique offering,” Mr. Canuto said.


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Megaworld expands Iloilo condo project

MEGAWORLD CORP. is expanding its residential offerings in Iloilo Business Park in Mandurriao, Iloilo, with the launch of another condominium tower.

In a statement issued over the weekend, the listed property developer said the South Wing of Saint Dominique will have 159 units. The North Wing currently has 152 units.

The South Wing will offer studio units spanning up to 35 square meters (sq.m.), one-bedroom with up to 50 sq.m., two-bedroom with up to 79 sq.m., and loft units with up to 38.5 sq.m.

“The interest in Iloilo Business Park has built up to a level that we have never expected. Since the launch of the two hotels, the Festive Walk Mall and Festive Walk Parade, more people want to live in the township,” Iloilo Business Park Vice President for Sales and Marketing Jennifer Palmares-Fong said in a statement.

Saint Dominique’s amenities include a swimming pool, kiddie pool, pool lounge, Jacuzzi, fitness center, event halls, game room, day care center, children’s playground, and indoor spa.

The company earlier said it targets to book P1.5 billion in sales from Saint Dominique. The condominium is expected to be completed by 2022.

With Saint Dominique’s South Wing, Iloilo Business Park now has 1,819 residential units, around 90% of which has already been taken up.

Megaworld first started selling residential projects in the Iloilo Business Park last 2013. The company said it will launch more residential units in Iloilo Business Park depending on demand.

“Our residential pipeline is always demand-driven. If there will be more people looking for residential properties in the township, then we will continue to offer more residential properties,” Ms. Palmares-Fong said.

Megaworld generated P4.1 billion in net income attributable to the parent in the second quarter of 2018, 14% higher year-on-year, as revenues likewise went up 11% to P13.7 billion.

This brought the company’s first half attributable profit to P7.25 billion, 13% higher from the same period a year ago. Revenues rose 10% to P26.8 billion.

Megaworld is the property unit of tycoon Andrew L. Tan’s Alliance Global Group, Inc., which also has interests in liquor, gaming, and quick serviced restaurants. 


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