Megaworld, Double Dragon, and GT Capital's profits jumped in 2014, and more real estate stories
Be updated with the latest news in the real estate industry. We’ve chosen 5 stories this week to give you a quick round-up on the property sector before the weekend begins.
This week, real estate developers Megaworld, GTCapital, and DoubleDragon posted vast increases in their profit for the year 2014. Meanwhile, the PCGG (Presidential Commission on Good Government ) will be putting up a prime property in Pasig City.
Megaworld profits reached P22B
Megaworld Corp., hit a net income of P21.6 billion in 2014. The figure is 193% up from Megaworld’s profits in 2013. Megaworld claimed that the profit was boosted by a one-time game from the consolidation of Global Estate Resources Inc., Empire East Land Holdings Inc. and Suntrust Properties into the parent firm.
MyProperty.ph; March 25, 2015
GT Capital’s 2014 net income reached P9.1B
GT Capital Holdings disclosed that the company’s income reached P9.1 billion last year. It is a 38% increase from its 2013 profit. The company attributes its strong vehicle and real estate sales for its income surge.
Manila Bulletin; March 26, 2015
DoubleDragon profits surged to P560M
DoubleDragon’s profit surged a whopping 360% to P560.8 million in 2014. Its total revenues from real estate is reported to have more than doubled to P1.2 billion in 2014, from P511 million in 2013.
In a statement, DoubleDragon CEO Edgar “Injap” Sia II said, "2014 has been a significant year for DD both financially and through the partnerships that we have formed and through the various property projects that we have recently embarked on.”
ABS-CBN; March 25, 2015
PCGG to auction ‘Payanig sa Pasig’ property
The PCGG (Presidential Commission on Good Government) announced Thursday that they will be putting up “Payanig sa Pasig” for auction. The 18.5 hectare prime property has a floor price of P16,450,553,00.00 with each square meter costing P89,461,10.
GMA News Online; March 26, 2015
Office space segment fueling property growth
According to real estate consulting firm KMC Mag Group, the office property sector is the most attractive investment segment in Philippine real estate and it is likely that it will remain so for the next three to five years.
In a briefing last Friday, KMC Mag Group managing director Michael McCullough, said that the outlook for the Philippine real estate sector is still positive, and is help maintained by the low interest rate environment, monetary easing by major central banks outside the United States, and favorable feedback from investors.
Inquirer; March 23, 2015