Megaworld sets P60B capex
Andrew Tan-led Megaworld Corp. has earmarked P60 billion for its capital spending program this year, bulk of which going to residential and commercial developments nationwide.
About 20 percent of this year?s budget has been set aside for land acquisitions and other investment properties.
?The Megaworld Group is now present in more than 30 cities around the country. We will continue to be aggressive in developing more townships and integrated lifestyle communities across the country, most especially in the provinces, said Francis Canuto, SVP at Megaworld.
During the last 28 years, Megaworld has built over 660 residential developments, 54 office towers and 15 lifestyle malls in 23 masterplanned townships and integrated lifestyle communities across the Philippines.
Last year, Megaworld grew its net income by 12.7 percent to P12.8 billion on the strong showing of its residential, office, mall and hotel businesses.
Consolidated revenues including non-recurring gains rose 7.7 percent to P50.4 billion. The leasing business, which covers both office and commercial space, grew the fastest among the segments. Rental income grew 18.2 percent to P11.8 billion.
Comprising around 70% percent the total revenues, the company?s residential business was up 4.5 percent to P34.6 billion.
?We are still way beyond our targets and we see this momentum to continue until we reach our P20-billion target in annual rental income by 2020, or even beyond that. There is still so much opportunities to tap in the property market and we are ready for that,? Canuto said.