2 weeks ago
12
Richmond Mercurio - The Philippine Star
February 27, 2025 | 12:00am
The country’s pioneer in township developments saw net income in 2024 rise by 12 percent to P21.7 billion from a year ago.
STAR / File
Strong core businesses
MANILA, Philippines — Real estate giant Megaworld Corp. is setting its sights on more innovations as the company gears up for sustained growth following a record year in 2024.
The country’s pioneer in township developments saw net income in 2024 rise by 12 percent to P21.7 billion from a year ago.
Revenues jumped by 17 percent to P81.7 billion on the back of the continued expansion of its real estate, leasing and hospitality businesses.
“In 2024, aside from delivering record results as we celebrated our 35 years in the Philippine real estate industry, we also pushed the boundaries of innovation across our townships and bannered the new developments that truly help contribute to nation-building,” Megaworld president Lourdes Gutierrez-Alfonso said.
Megaworld said that real estate sales remained a key driver of growth last year, with revenues expanding by 19 percent year-on-year to almost P51 billion, driven by strong demand for residential properties in both Metro Manila and key provincial locations.
In 2024, the company launched the most number of townships in a year with four expansive developments consisting of almost 400 hectares in total additional land area.
The new townships brought Megaworld’s township portfolio to 35 and the company’s total land bank to almost 7,000 hectares.
Leasing revenues also increased by 10 percent last year to P19.7 billion, with Megaworld Premier Offices and Megaworld Lifestyle Malls continuing to attract high-profile tenants.
Higher foot traffic and consumer spending fueled a 19-percent jump in mall revenues to P6.3 billion, while office revenues inched up by seven percent to P13.4 billion due to the company’s sustained appeal to multinational companies and top-tier business process outsourcing firms.
Megaworld Hotels & Resorts, meanwhile, recorded the highest growth among all of the company’s core businesses, with revenues surging by 34 percent to P5.1 billion.
Megaworld said that the expansion in the company’s MICE (meetings, incentives, conventions and exhibitions) capabilities and a rebound in domestic and international travel significantly boosted its hospitality segment.
The company opened last year the Grand Westside Hotel, the largest hotel in the Philippines with 1,530 room keys.
It also commenced the construction of the 2,500-capacity Mactan Expo in The Mactan Newtown in Cebu, which will be the company’s first standalone convention facility that also has close proximity to the beach.
“Moving forward, we will set our eyes on more innovations as well as on how we can collaborate to further innovate, but still keeping our commitment to care for our people and our communities,” Gutierrez-Alfonso said.
