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by Chino S. Leyco, Reporter
PROPERTY developer Megaworld
Corp. and Banco de Oro Unibank, Inc. have agreed on a multibillion
loan facility program for potential
real-estate buyers.
In a statement, Megaworld said it
signed with BDO a P5-billion end-user’s financing deal, which will
allow the firm to fast-track its residential developments and the
bank to build up its consumer loans through access to Megaworld’s
residential buyers.
Megaworld also said its agreement
with BDO would further boost its reservation sales, which are
projected to hit a record level of P24 billion this year.
“Our leading position in
providing mid-income housing fits well with BDO’s strategy of
growing its residential mortgage portfolio. The BDO relationship has
grown together with our business,” Andrew Tan Megaworld chairman,
said.
Bolstered by sustained growth of
its core businesses in residential and business process outsourcing-oriented
office developments, Megaworld’s first-half net income reached
P1.79 billion to register a 23-percent increase year-on- year.
At end-June, the company’s
total reservation sales hit a record P13.43 billion, up 29 percent
from P10.45 billion in the same period last year.
Tan said Megaworld’s parent
firm Alliance Global Group Inc. is confident it would achieve the
net profit goal of P3.8 billion this year, notwithstanding that
consumer-oriented businesses would remain weak until December.
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