Megawide’s PH1 doubles sales in H1

MANILA, Philippines —  The property arm of Megawide Construction Corp. boosted its sales to P3.15 billion in the first half, backed by strong take-up for recently launched projects to overcome a challenging period.

PH1 World Developers Inc. said its sales have doubled in the six months to June, from P1.38 billion a year ago, due to higher demand for its residential projects outside central business districts.

PH1 said 63 percent of the sales are bookings in One Lancaster Place, My Enso Lofts and Lykke Kondo.

One Lancaster Place is the first and only condominium in Lancaster New City in Imus, Cavite. My Enso Lofts, on the other hand, is located in Timog Avenue in Quezon City, while Lykke sits at Amang Rodriguez Avenue in Pasig City.

PH1 president Gigi Alcantara said the developer has also increased its unbooked revenues to P11 billion as of June. These revenues are expected to be recognized over the next few months.

“The strong take-up of our recently-launched projects reinforces our view that end-user demand outside key business centers remains buoyant and resilient,” Alcantara said.

Likewise, PH1 is working with the government in a mass housing program Pambansang Pabahay Para sa Pilipino (4PH), the first of which Avesta Residences would be completed by October.

“As we roll out our expanded 4PH pipeline, starting with our maiden offering Avesta Residences in Imus, Cavite, we are confident of sustaining an even stronger performance for the long term,” Alcantara said.

Recently, PH1 has topped the first tower of the five-tower Avesta Residences. The developer will complete the project in about 12 months since it has started construction.

The project employs Megawide’s engineering expertise and precast technology, allowing PH1 to construct the towers quickly. Other 4PH projects to be launched this year are located in Caloocan City and new sites in Dasmariñas and Imus, Cavite.

PH1 has committed to build an initial portfolio of 25,000 units for 4PH in Luzon, with the homes to be delivered over the next two to three years.

Given its growing portfolio, PH1 was supposed to file an initial public offering this year, but had to hold off to consider selling some stake to private investors.