Megaworld focuses on eco-tourism projects

Upscale property developer Megaworld Corp. is training its sights on the eco-tourism industry, which has become one of the fastest-growing segments in the property sector.

"We’re looking at tourism. Obviously, there’s a lot of promise in that sector. We’re always on the lookout for opportunities," said Megaworld senior vice president and executive director Kingson Sian.

He said the company hopes to make a decision on whether to proceed with such projects in the next 12 months.

He said Megaworld will continue to beef up its landbank to sustain the development of more projects as it seeks to further seize opportunities in the booming property sector.

Sian said the company is looking at acquiring properties in key cities, including Cebu.

He said Megaworld has also received offers from several groups in the international market to build residential projects but pointed out that the company would rather concentrate here and further build up its project portfolio.

Sian said the company hopes to increase its international marketing offices abroad to 60 in the next five years from the current 40.

Management has forecast a net income of P2.9 billion this year on residential sales of P15 billion. Last year, the company reported a 75-percent jump in net profit to a record P2.04 billion from P1.16 billion in 2005.

"The first two months’ sales have been quite encouraging and we hope to even do better in the coming months," Sian said.

Sian said the company has launched several phases in existing developments, spurred by strong demand for residential projects. These include the second phase of McKinley Hills which is now 70-percent sold, Manhattan Gardens Tower 2, and Bellagio 4.