MANILA, Philippines - Tycoon Andrew Tan’s flagship property development unit Megaworld Corp. expects to raise P23.1 billion in sales from new residential and condotel projects in key cities in Metro Manila and Cebu City.
During parent firm Alliance Global Group Inc.’s annual stockholders’ meeting yesterday, Tan said the company remains on investment mode to take advantage of a buoyant property market fueled by low interest rates and steady remittance inflows from overseas Filipino workers.
To ensure continued growth, Megaworld has lined up several new projects: the Bayshore Residential Resort along the coast of Manila Bay; the Uptown Ritz (an upscale residential condominium development in the northern district of Fort Bonifacio); Noble Place in Chinatown, Binondo; Viceroy Residences within Mckinley Hills in Fort Bonifacio, and 8 Newtown Boulevard and One Pacific Residential –both in Cebu.
Construction of the 704-unit Bayshore Residential Resort is expected to start in the first quarter of 2013. The project, which will comprise several towers, is expected to generate sales revenues of around P4.8 billion.
The 45-story Uptown Ritz is an upscale condominium offering a total of 340 units at an average price of P135,000 per square meter for an estimated total amount of P4.2 billion. Slated for turnover to homeowners by June 2017, the project forms part of Megaworld’s P45-billion 15-hectare integrated township known as Uptown Bonifacio.
The first three towers of Viceroy Residences will bring to the market 927 fresh units with potential sales revenues of P2.7 billion.
Noble Place comprises 461 residential units to be sold for P99,000 per sqm or total sales of P4 billion while Paseo Heights will offer 332 units estimated to generate P1.5 billion in sales revenues.
One Pacific Residences and 8 Newtown, on the other hand, are expected to fetch sales revenues of around P2.7 billion and P3.2 billion, respectively.
The company expects reservation sales to rise 40 percent this year to P35 billion. Net earnings are likewise seen to grow double digits this year from P8.1 billion in 2011.
Megaworld, acknowledged as the country’s leading residential condominium developer, has acquired a landbank of around 230 hectares in key growth areas, including 55 hectares of land in Iloilo and 25 hectares in Cebu. Within Fort Bonifacio, the company has 7.1 hectares of the former Napolcom land near the international schools and 8.5 hectares at the North Central Business District.
These properties have a total land area of 2.29 million sqm, of which around one million sqm will be developed into residential areas and around 886,000 sqm alloted for office spaces. The remaining land will be used for retail and leisure development projects.