The income growth stems from strong residential sales and office and retail leasing income, according to Megaworld.
McKinley Hill offices in BGC, Taguig
Andrew Tan-led real estate brand Megaworld posted a net income of Php 2.35 billion for the January-March 2015 period, a 12.48% increase from Php 2.09 billion during the same period in 2014.
“We are on-track in achieving consistent quarterly double digit growth and we remain optimistic to hit and even surpass our growth target for the year,” Megaworld chief financial officer Francis Canuto said.
The Megaworld Group – consisting of Global Estates Resorts, Inc. (GERI), Empire East Land Holdings, Inc., and Suntrust Properties, Inc. – produced consolidated revenues of Php 10.47 billion, which is 12.08 % higher from Php 9.34 billion during the first quarter of last year on a recurring basis.
On the leasing front, Megaworld announced a record office and mall rental income of Php 1.99 billion for the first quarter of 2015, higher by 15.98% than Q1 2014’s Php 1.71 billion.
Earlier this year, the property giant revealed that they will launch 5 new townships all over the country in 2015, including the recently announced The Upper East and Northhill, both in Negros Occidental. They also made known their plans to spend Php 285.8 billion in developing their existing townships within the next five years, and are expecting their rental income to reach Php 10 billion by 2016.