Megaworld group sales jump 89% to P49.68B last year

Megaworld Group of Companies on Wednesday said its sales reached P49.68 billion last year, up 89 percent from the P26.3 billion recorded in 2009. The group comprises three brands catering to different market segments of the property sector — Megaworld, Empire East Land, and Suntrust Properties. Megaworld group said in a statement that its sales mainly came from Megaworld's ongoing residential projects in Metro Manila that include Eastwood City and Manhattan Garden in Quezon City, McKinley Hill in Taguig City, and Newport City in Pasay City. Megaworld contributed P39.59 billion to the group's sale last year, the group said. Empire East and Suntrust, on the other hand, posted a combined sales of P10.09 billion a year ago, the Megaworld group added. Both real estate companies have ongoing projects in Metro Manila, Cavite, and Laguna. Megaworld group said it owes its "phenomenal" sales growth to its "superior project portfolio and sterling track record in the Philippine property market." According to Megaworld group, it is expecting rental income to exceed P4 billion this year. The group also said its rental portfolio of business process outsourcing offices and retail malls may grow to around 639,400 square meters this year from 453,600 sqm in the previous year. Megaworld group has more than 210 residential and office buildings, with a total floor area of around 5.4 million sqm. — JE/OMG, GMANews.TV