Megaworld to build 18,673 homes in 2011
MANILA – Property developer Megaworld Group, in its disclosure to the Philippine Stock Exchange (PSE) on Monday, announced its intentions to roll out at least 18,673 residential units with an aggregate floor area of more than 830,000 square meters in 2011.
Megaworld is composed of high-end property developer Megaworld Corporation and its associates Empire East Land Holdings and Suntrust Properties, which focus on medium-cost and affordable housing, respectively.
“The confidence level in the real estate sector is very high,” Megaworld chair and chief executive officer Andrew Tan said.
“Many investors both here and abroad believe that our country is now moving in the right direction, and we see a surge of investments, especially in infrastructure areas, which will open up more growth opportunities not only for the entire economy but also for the real estate industry,” he added.
“Through our investments in the real estate sector, we in the Megaworld Group are helping thousands of Filipinos experience a better quality of life in homes of their own. Moreover, the group is helping create wealth for the country by developing the business process outsourcing and tourism sectors as new engines of growth,” Tan said.
Megaworld takes the lion’s share of the P60 billion worth of projects the group plans to launch next year with its own portfolio amounting to more than P41 billion with around 11,110 units and an aggregate floor area in excess of 372,000 square meters.
The company’s new projects include One Eastwood Avenue in Eastwood City; 81 Newport Boulevard and 101 Newport Boulevard in Newport City; Viceroy Residences and two new towers of The Venice in McKinley Hill; additional towers of Manhattan Heights and Manhattan Plaza at Manhattan Garden City; Paseo Heights in Makati City; The Palm Bay in Roxas Boulevard; and One Uptown Place at Bonifacio Uptown in Taguig City.
Megaworld also expects to complete more than 600,000 square meters of next generation office space for a business process outsourcing market and additional retail space at its ongoing McKinley Hill, Newport City and CityPlace projects as well as the upcoming Bonifacio Uptown and other projects in Iloilo and Cebu.
This will help the company to grow its rental income to P5 billion by 2012.*PNA
