Megaworld eyes three township projects in 2025

LISTED property developer Megaworld Corp. plans to launch at least three new township projects in 2025, according to its executive director.

“I think we are looking at least two to three minimum for next year’s launches,” Megaworld Executive Director Kevin Andrew L. Tan told reporters last week.

Earlier this month, the company announced that it had reached its target of 35 township projects.

Its 35th township project is being developed by Megaworld’s subsidiary Global-Estate Resorts, Inc., which has allocated P5 billion to develop the 117-hectare Upper Central in Cagayan de Oro City over the next 10 years.

The project will feature a central park, landscaped open spaces, viewing decks, mountain and bike trails, and an adventure park, with sloping terrain reaching up to 245 meters above sea level.

About 40% of the township will be allocated for roads, as well as green and open spaces, the company said.

For the third quarter, Megaworld saw a 24.9% increase in its third-quarter attributable net income to P5.17 billion from P4.14 billion a year ago, led by growth across its key businesses.

Megaworld’s third-quarter revenue jumped by 25% to P20.69 billion from P16.56 billion last year.

Real estate sales grew by 31% to P13 billion on sustained demand across the company’s township developments, led by residential sales.

Rental income rose by 7.4% to P4.83 billion, while revenue from hotel operations, driven by Megaworld Hotels & Resorts, increased by 37% to P1.28 billion.

At the local bourse on Friday, shares in the company gained three centavos, or 1.42%, to end at P2.15 apiece. — Ashley Erika O. Jose