Friday, 24 December 2010

Megaworld bullish, eyes P60b worth of projects

Jenniffer B. Austria
Manila Standard

The Megaworld Group plans to roll out P60 billion worth of residential units next year as part of its expansion program in the property sector.

Megaworld said in a disclosure to the stock exchange Monday that it would launch some 18,673 residential units next year with a combined floor area of over 830,000 square meters.

The Megaworld Group comprises of high-end property developer Megaworld Corp. and units Empire East Land Holdings Inc. and Suntrust Properties Inc., which focuses on medium-cost and affordable housing, respectively.

“The confidence level in the real estate sector is very high,” Megaworld chairman and chief executive Andrew Tan said in a statement.

“Many investors both here and abroad believe that our country is now moving in the right direction, and we see a surge of investments, especially in infrastructure areas, which will open up more growth opportunities not only for the entire economy but also for the real estate industry,” he said.

Megaworld will launch the bulk or more than P41 billion worth of projects totaling around 11,110 units with an aggregate floor area of over 372,000 square meters.

Megaworld’s new projects include One Eastwood Avenue in Eastwood City; 81 Newport Boulevard and 101 Newport Boulevard in Newport City; Viceroy Residences and two new towers of The Venice in McKinley Hill; additional towers of Manhattan Heights and Manhattan Plaza at Manhattan Garden City; Paseo Heights in Makati City; The Palm Bay in Roxas Boulevard; and One Uptown Place at Bonifacio Uptown in Taguig City.

“We have never been this bullish on the property sector, and we look forward to continued bright prospects not only in 2011 but long after that,” Tan said.

Megaworld also expects to complete more than 600,000 square meters of next generation office space for the business process outsourcing market and additional retail space at its ongoing McKinley Hill, Newport City and CityPlace projects as well as the upcoming Bonifacio Uptown and other projects in Iloilo and Cebu.

The projects are expected to help Megaworld to achieve a rental income of P5 billion by 2012.

Empire East Land and Suntrust Properties, meanwhile, plan to unveil their own residential projects worth P19 billion in Metro Manila and in Cavite and Laguna provinces next year.

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