Megaworld posts robust reservation sales in Q1

MANILA, Philippines — Property giant Megaworld Corp. said it continued to outperform amid industry challenges, with reservation sales during the first quarter growing by double digits on the back of resilient demand for its residential developments.

Megaworld president and CEO Lourdes Gutierrez-Alfonso said the company’s residential business showed strong resilience, led by steady sales across its Metro Manila developments and growing demand for its provincial properties.

The Megaworld Group reported P29.7 billion in reservation sales during the first quarter, 10.4 percent higher than the same period last year.

Megaworld was the group’s primary growth driver, accounting for around 71 percent of total reservation sales, or P21.2 billion.

Driving the performance was the company’s 54-story Uptown Modern in Uptown Bonifacio, which generated P3 billion in sales during the quarter.

“Even amid a challenging business environment, we remain focused on accelerating growth across our portfolio and creating lasting value for our stakeholders,” Gutierrez-Alfonso said.

“More importantly, the sustained performance of our residential developments reflects the enduring strength of the township model that Megaworld pioneered — an integrated, lifestyle-driven approach that continues to provide us with a distinct competitive advantage and remains aligned with the evolving needs of the market,” she said.

Megaworld accelerated its expansion in key provincial growth areas during the first quarter, launching two residential developments in Palawan and Laoag.

The 14-story Santé Residences Palawan, the Philippines’ first WELL-registered residential development, has a projected sales of P6.5 billion, while the 19.4-hectare Ilocandia Beach Village, a beachfront estate, is poised to contribute P4 billion in sales.

Megaworld earlier this year also announced that it is developing the 97-hectare The Sugartown in Talisay City, Negros Occidental, the company’s 37th township development and its third within the Negros Island region.

Megaworld, one of the country’s biggest property developers with over 800 residential developments nationwide, is celebrating its 37th year in the Philippine real estate industry this month.