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Megaworld’s core businesses achieved double digit growth in 2022 as profits soared to P15.4-B

  • March 1, 2023

Real estate giant closed the year with stellar performance in real estate sales, office and mall leasing, and hotel operations

Property giant Megaworld Corporation, posted a net income of P15.4-billion last year, up 7% from P14.4-billion the previous year, boosted by double-digit revenue growth across all of its business segments. Net income attributable to the parent company’s shareholders stood at P13.5-billion. Consolidated revenues, on the other hand, grew by 17% to P59.5-billion from last year’s P50.8-billion.

The Company’s growth momentum was propelled by its real estate business, with residential sales expanding by 18% to P36.8-billion, with a strong 34% growth during the last quarter of the year.

Residential pre-sales surged by 49% to almost P119-billion in 2022, exceeding the Company’s target of P110-billion. Residential projects in Boracay Newcoast in Boracay Island; Paragua Coastown in San Vicente, Palawan; The Mactan Newtown in Cebu; The Upper East in Bacolod; Capital Town in San Fernando, Pampanga; and Maple Grove in General Trias, Cavite comprise the biggest chunk of pre-sales performance during the year.

Last year, the Company launched two townships – the three-hectare Winford Resort Estate in the City of Manila, and the 340-hectare Sherwood Hills in Trece Martires, Cavite – bringing the Company’s townships to 30 by the end of the year covering more than 5,100 hectares of land across the country.

“We have exceeded our targets across all business segments last year and we remain optimistic that we can hit or even exceed our pre-pandemic numbers this year,” says Kevin L. Tan, chief strategy officer, Megaworld.

Megaworld Premier Offices maintained its growth momentum as it generated P12.2-billion in rental income during the year, marking an 11% increase from the P11.1-billion last year. The robust performance came from the growing transactions from both traditional and BPO tenants, as well as emerging businesses.

Megaworld Lifestyle Malls, on the other hand, achieved a strong revenue growth of 51% in 2022, amounting to P3.4-billion. The remarkable growth was mainly driven by increased spending and higher foot traffic as the malls resume normal operations almost all throughout the year. New tenant concepts have been a major highlight of 2022 especially for Uptown Mall and McKinley Hill. During the year, the Company also closed deals with Landers Superstore, particularly the launch of the first Landers Superstore in Western Visayas inside The Upper East township in Bacolod City.

Megaworld Hotels & Resorts, likewise, posted a milestone growth of 35% as revenues soared to P2.6-billion in 2022, compared to P1.9-billion the previous year. This also exceeded its pre-pandemic hotel revenues of P2.5-billion recorded in 2019. This was largely driven by the sustained performance of in-city hotels and the pick-up in meetings, incentives, conferences, and exhibitions (MICE) activities as well as a remarkable increase in Food & Beverage (F&B) revenues. The Company’s iconic Twin Lakes Hotel in Tagaytay was the best performing hotel property in the portfolio during the year.

During the year, Megaworld Hotels & Resorts also opened its first stand-alone convention facility – the Boracay Newcoast Convention Center in Boracay Island. Before year-end, it also opened the 550-room Belmont Hotel at The Mactan Newtown in Cebu.

“Certainly, we will be launching more townships this year as we look forward to expanding our offerings to more cities across the Philippines,” reveals Tan.

To date, Megaworld has 30 master‐planned integrated urban townships, integrated lifestyle communities, and lifestyle estates across the country, namely: Eastwood City in Libis, Quezon City, (18.5 hectares); Newport City in Pasay City (25 hectares); McKinley Hill (50 hectares), McKinley West (34.5 hectares), Uptown Bonifacio (15.4 hectares) and Forbes Town (5 hectares), all in Fort Bonifacio, Taguig City; Lucky Chinatown in Binondo, Manila (3 hectares); The Mactan Newtown in Lapu‐Lapu City, Cebu (30 hectares); Iloilo Business Park in Mandurriao, Iloilo City (72 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); Boracay Newcoast in Boracay Island (150 hectares); Twin Lakes in Alfonso, Batangas near Tagaytay (1,300 hectares); ArcoVia City in Pasig City (12.3 hectares); Southwoods City in the boundaries of Biñan, Laguna and Carmona, Cavite (561 hectares); Davao Park District in Lanang, Davao City (11 hectares); Alabang West in Las Piñas City (62 hectares); Eastland Heights in Antipolo, Rizal (640 hectares); Suntrust Ecotown in Tanza, Cavite (350 hectares); Maple Grove in General Trias, Cavite (140 hectares); The Hamptons Caliraya in Lumban‐Cavinti, Laguna (300 hectares); The Upper East (34 hectares) in Bacolod City; Northill Gateway (50 hectares) in the boundaries of Bacolod City and Talisay City in Negros Occidental; Capital Town Pampanga beside the Pampanga Provincial Capitol in the City of San Fernando (35.6‐hectares); Westside City in the Entertainment City in Paranaque City (31 hectares); Empire East Highland City in Cainta, Rizal (24 hectares); Arden Botanical Estate in the boundaries of Trece Martires and Tanza, Cavite (251 hectares); Paragua Coastown in San Vicente, Palawan (462 hectares); Northwin Global City in Marilao and Bocaue, Bulacan (85 hectares); Winford Resort Estate in Manila City (3 hectares); and Sherwood Hills in Trece Martires, Cavite (340 hectares).

Source: Megaworld Corporation

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