The 192% increase is the result of strong residential sales and higher leasing income, according to Megaworld.
Real estate giant Megaworld Corporation recently announced a net income of Php 19.03 billion for the first three quarters of 2014, a 192% increase from the same period in 2013. According to Megaworld, the sales numbers resulted from strong sales from their townships, especially Newport City, Uptown Bonifacio, McKinley Hill, and Eastwood City.
Megaworld and its subsidiaries – Global-Estate Resorts, Inc. (GERI), Empire East Land Holdings, and Suntrust Properties – reached Php 41.86 billion for the first three quarters of 2014. This is a 57% jump from Php 26.68 billion for the same period last year. Reservation sales of all brands are now at Php70.2 billion, an 11% increase from Php 63 billion year-on-year.
Megaworld also cited higher leasing income from their office and leasing spaces as contributing factors to the posted income, revealing that rental income for first nine months of 2014 rose 20% to Php 5.2 billion.
“We are confident that Megaworld can achieve another record year for 2014 as we further expand our township developments all over the country,” Megaworld chairman and CEO Andrew Tan said.
The entire Megaworld group currently has 15 townships, the latest being Alabang West to be built along Daang Hari Road in Muntinlupa. They have also launched a total of 19 residential developments from January to September of this year.
Megaworld is also planning to add 112,000 sqm of office space to their current office space portfolio within the year.