Megaworld Is Set to Launch P40 Billion Worth of New Real Estate Projects This Year
Property giant Megaworld Corporation is looking to bolster its real estate portfolio, with the launch of P40 billion worth of new projects this year. This comes after the Tan-led conglomerate earmarked P55 billion for its capital expenditure budget to develop residential projects and investment properties, among others.
“We are setting an ambitious goal of reaching P145 billion reservation sales and planning to launch new projects worth P40 billion,” Kevin Andrew Tan, chief strategy officer of Megaworld, said. “These targets reflect our commitment to maintaining our leadership position and continuing to drive excellence in the industry.”
In 2023, Megaworld saw its reservation sales going up by 17 percent to P139.2 billion, following the development of P72.6 billion worth of properties.
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More projects are in the pipeline for the conglomerate’s hospitality segment, Megaworld Hotels and Resorts, too, according to Tan. Around 4,100 room keys are expected to be available to its customers by 2029. Megaworld’s hospitality arm, claiming to be the largest hotel developer in the country, said the expansion will “significantly boost our capacity to meet the growing demand in [our] different locations.”
Among the hotel brands run by Megaworld are Richmonde Hotel Ortigas, Eastwood Richmonde Hotel, Richmonde Hotel Iloilo, Savoy Hotel Newport, Savoy Hotel Boracay, Savoy Hotel Mactan Newtown, Belmont Hotel Manila, Belmont Hotel Boracay, Belmont Hotel Mactan, Kingsford Hotel Manila, Twin Lakes Hotel in Tagaytay, and Hotel Lucky Chinatown in Binondo, Manila.
Strong bookings and unit sales drove up Megaworld’s earnings in the first quarter. The real estate giant recorded an increase by 10 percent in its net income to P5.02 billion from January to March, while its net income attributable to shareholders rose to P4.4 billion.
Megaworld properties now 100 percent carbon neutral
Apart from further broadening its real estate venture, Megaworld said it is committed to making its properties more sustainable. Across its malls and office developments nationwide, the conglomerate said all of its establishments are now 100 percent carbon neutral, or have the capacity to make use of clean energy. Within the next three years, Megaworld hopes to utilize renewable energy for all its properties.
“In the next 10 years, the company is committing to plant 3.5 million trees across over 1,000 hectares of carbon forests in Batangas, Cavite, Tarlac, Iloilo, Palawan, and Cebu,” Jose Arnulfo Batac, sustainability head of Megaworld, said.
