2017 a ‘very good year’ for Megaworld

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TOWNSHIP developer Megaworld Corp. is confident of reporting double-digit business growth for 2017 driven by strong demand for its property projects.

“It was a very good year,” Megaworld First Vice President Kevin Tan told reporters last week.

“Certainly [double-digit], to say the least,” he added, without specifying wheter the double-digit pace of growth referred to net income or revenues for the full year.

The company reported a net income of P10.34 billion for the first nine months of 2017, up 12 percent from P9.27 billion a year earlier, driven by its investment properties. Meanwhile, its consolidated revenues during the nine months increased 5 percent year-on-year to P37.10 billion.


In June of last year, the developer said it was targeting P90 billion reservation sales for the full year.
Earlier this year, the company said it was adopting the iTownships concept for its future townships.

Megaworld said the iTownships program includes the digitization of customer service and payment processes, integration of smart home technology in residential units, and utilization of digital technology and energy-efficient materials in structural designs.

The developer said last week it was incorporating the iTownships brand into its P15 billion Davao Park District project, which will be located on an 11-hectare property in Lanang, Davao.

“Our goal is to future-proof our first township here in Mindanao,” Megaworld Senior Vice President Jericho Go said.

“This means there will be features and facilities within the township that maximize smart innovations, use of internet and digital lifestyle. The Davao Park District will become the township of the future,” he added.

Megaworld added it is on track to hit its target of 28 malls by 2020 with four malls expected to open this year alone.

Its mall business is expected to contribute almost half of its targeted P20 billion recurring income by 2020, with the other half expected to come from its office rental revenues.

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