Megaworld Group sales fall by 25% last year

SALES of the Megaworld Group dropped by 25 percent to P37.1 billion last year from P49.68 billion in 2010.

In a disclosure to the Philippine Stock Exchange, Megaworld said that its high- end developer Megaworld Corp. as well as its sister firms Empire East land Holdings Inc. and Suntrust Properties Inc. sold 10,451 units, translating into a total saleable area of more than 400,000 square meters for the full year 2011.

The total saleable area represents at least a 35 percent lead over the group’s closest competitor, the company said.

This year, Megaworld will introduce 11 residential projects in the first half of the year, topping the eight developments launched for the entire 2011.

Megaworld is also looking to target a wider range of customers through Empire East and Suntrust Properties, which focus on projects in the low to medium-income and affordable market segments, respectively.

In the first nine months of last year, the Megaworld Group, through these two companies, sold more than 7,400 residential units amounting to P27.8 billion.

The listed property developer’s consolidated net income amounted to P6.70 billion in the first nine months, 61.78 percent higher than the previous year’s net income of P4.14 billion.

KRISTA ANGELA M. MONTEALEGRE