Megaworld expects P15-B revenues in next 3 years

MANILA, Philippines - Upscale property developer Megaworld Corp. said strong demand for its ready-for-occupancy (RFO) residential units would generate P15 billion in revenues over the next three years.

Thus, the Andrew Tan-controlled developer is allotting more RFO units in its condominium projects, a company official said.

“Megaworld, through Prime Properties Investment Group, is further expanding and strengthening its range of services for the RFO market,” Donna V. Racho, vice-president for sales and marketing of Prime Properties, said in a briefing.

“In the next three years, we are projecting around P15 billion in consolidated revenues for our RFO business,” she said.

The estimates include actual unit sales and income from leasing and resale.

Since its launching in July last year, Megaworld’s marketing division Prime Properties has contributed roughly P4 billion in revenues.

“Considering that the RFO market only comprises around five percent of the total market for our residential condominium business, this is a major achievement for our business unit,” Racho said.

Among the RFO properties Megaworld is aggressively selling are One Central and Greenbelt Madison in Makati’s central business district; 8 Forbestown Road in Forbes Town Center, Bonifacio Global City; Eastwood Le Grand Towers 1 and 2 in

Eastwood City in Libis; Tuscany Private Estate, 115 Upper McKinley, McKinley Hill Garden Villas and Morgan Suites Executive Residences in McKinley Hill, Taguig; and The Residential Resort’s Sarasota and Pine Crest in Newport City in Pasay.

RFO units offer immediate move-in for a hassle-free experience, Racho said. To date, Megaworld has 1,000 RFO units for sale worth a combined P7 billion.

Other services of Prime Properties include free interior design services, and leasing and resale management services.

The Megaworld Group expects another banner year in terms of project launches and reservation sales on the back of the country’s property boom.

Reservation sales is seen to hit a record P70 billion as the company starts offering 12,000 new residential units through 25 new project launches.

Early this year, the property giant committed to spend a record P35 billion for its projects this year up from P25 billion in 2012.

In the first quarter, Megaworld’s profits jumped 15 percent to P1.79 billion on brisk property sales.

In more than 20 years of operations, the Megaworld Group has completed more than 240 residential and office buildings with a total floor area of around six million sqm.