Friday, June 6, 2014
Megaworld has bought a 49.2 percent stake of the Alliance Global Group Inc (AGI) in Global-Estate Resorts Inc (GERI) for P10.43 billion, owning 74.96 percent of Global Estate. With the consolidation, GERI projects such as Boracay Newcoast, Twin Lakes Tagaytay and Santa Barbara Heights in Iloilo will be added to Megaworld's portfolio.
Francisco Canuto, chief finance officer at Megaworld, says the consolidation will increase Megaworld’s landbank all over the Philippines to more than 3 900 hectares.
Megaworld has also reported a net income growth of 49 percent in the first quarter of this year as compared to last. This year's profits figured in at P2.69 billion from January to March, compared to last year's first quarter profits of P1.81 billion.
According to a report in Solar News, the boost in income was due to strong residential sales in townships or the mixed-use communities that are uniquely Megaworld’s where one can live, work, play, and learn. Strong residential sales were seen in Newport City, Uptown Bonifacio, McKinley Hill and Eastwood City.
Previously, Megaworld picked up the Highly Commended Award at the South East Asia Property Awards in 2012. As the company turns twenty five this year, the group has completed more than 240 residential and office buildings.
In addition to their newly consolidated properties, Megaworld plans to complete 112 000 square meters of office space by the end of 2014. Part of this plan is the completion of office towers in Uptown Bonifacio, The Mactan Newtown and Iloilo Business Park.