Andrew Tan's property firms post 52% jump in Q1 sales

Posted at 05/03/12 4:27 PM

MANILA, Philippines - Tycoon Andrew Tan's real estate companies saw a huge jump in reservation sales in the first quarter of 2012.

In a statement, Alliance Global Group Inc. (AGI) said its four companies, Megaworld Corp., Empire East Land Holdings Inc., Suntrust Properties Inc. and Global-Estate Resorts Inc., reported reservation sales of P16.4 billion in the first quarter, a 52% jump from the same period last year.

"Megaworld’s strong performance for the first quarter of this year can be attributed to superior product offerings that address on a large scale the Filipinos’ need for quality, affordable homes in the very best locations," said Megaworld Senior VP for Marketing Noli Hernandez. 

Megaworld has developed several township projects, such as Eastwood City, Newport City, McKinley Hill, Manhattan Garden City and Uptown Bonifacio. These projects offer at least 500,000 square meters of residential space and 200,000 square meters of BPO office space.

AGI said the spike in reservation sales of its middle-income brand Empire East and its affordable housing brand Suntrust was attributed to marketing of its multi-tower condominium developments in Metro Manila and residential communities in the Calabarzon area.

Global-Estate Resorts launched Boracay Newcoast, which has a white sand beach, oceanview villas, condominiums, shopping and dining districts, hotel rooms and an 18-hole golf course.

AGI is confident its real estate firms will meet the target of P55 billion in reservation sales in 2012. In 2011, the property companies reported P37 billion in reservation sales. 

"Despite the increase in land prices last year, we see our sales momentum building up continuously for each quarter of 2012," said Hernandez.