Apr 03, 2012 | Comments 0
ABS-CBN News reported that property developer Megaworld Corp. is allocating P25 billion (US$585.75 million) for its capital expenditure this year to develop new and ongoing projects.
Megaworld senior vice-president Kingson Sian said this year’s capital budget is roughly the same amount spent in 2011.
The company has 11 new projects planned for the first half of this year to capitalize on an emerging property market. Over 40 residential projects and several BPO offices in Metro Manila are also being developed.
They are also looking to target a wider range of customers through the projects of subsidiaries, Empire Land Holdings Inc. and Suntrust Properties Inc.
As a leading residential condominium developer, Megaworld has cornered 16 per cent of total market share, according to a study by real estate advisory firm CB Richard Ellis Philippines.
From 2000 to 2011 the company produced the most number of residential condominium units totaling more than 40,000 units. The units account for an estimated total aggregate salable are of about 1.9 million square meters or 17 per cent of the market.
Colliers International also recognized Megaworld as the top residential condo developer based on the number of units completed and to be completed until 2016 and total aggregate salable area.
In 2011 along, Megaworld launched eight new projects and said it expected net earnings to hit a record that year that was 18 per cent higher than in 2010 with a strong take-up of retail and office space.