MANILA, Philippines – Andrew Tan-led property developer Megaworld Corp. reported an 11 percent increase in net income to P9.27 billion during the first nine months of the year.
Consolidated revenues grew five percent to P35.26 billion. Rental income rose 15 percent to P7.41 billion.
Megaworld treasurer Francis Canuto said rental business continues to grow aggressively, cementing the company’s transition into becoming a landlord.
“Our fundamentals remain strong and we are happy to see that our anticipated aggressive growth in our rental businesses continues. What we are now witnessing is the transition of Megaworld from being just a builder into becoming a landlord
This means the company will be insulated from any cyclicality from the residential business while having steady or even higher growth moving forward,“ Canuto said.
The business grew as Megaworld opened new malls and commercial centers in its various integrated urban townships, particularly Uptown Bonifacio, McKinley Hill, Forbes Town Center, Iloilo Business Park, The Mactan Newtown, and Twin Lakes; and new office towers in McKinley West, Uptown Bonifacio, The Mactan Newtown, and Iloilo Business Park.
It also expanded its hotel portfolio with the introduction of another local hotel brand, Belmont Hotel, which launched its first hotel in Newport City late last year, in addition to its homegrown Richmonde Hotels in Eastwood City, Ortigas, and Iloilo.
Earlier this year, Megaworld unveiled its 21st integrated urban township, the 140-hectare Maple Grove in General Trias, Cavite. The development’s masterplan is to have an eclectic mix of residential, office, retail, and institutional components in an environment-friendly community.
Another vast township is scheduled to be launched before year-end, bringing the company’s number of townships across the Philippines to 22 this year. Megaworld’s township developments started with the 18-hectare Eastwood City in Quezon City which was followed by the 25-hectare Newport City in Pasay City, the 50-hectare McKinley Hill, the 34.5 hectare McKinley West and the 15.4 hectare Uptown Bonifacio and five hectare Forbes Town Centerall in Fort Bonifacio.