Megaworld to launch P60-B projects in 2011
MANILA, Philippines - Property developer Megaworld Corp. said on Monday the group will launch projects worth P60 billion ($1.35 billion) in 2011, with the company upbeat about prospects for the local real estate market.
"We have never been this bullish on the property sector, and we look forward to continued bright prospects not only in 2011 but long after that," Megaworld chairman and chief executive officer Andrew Tan said in a statement.
Tan said the group was planning a large-scale housing programme that involves rolling out some 18,673 residential units with a total floor area of over 830,000 square meters in 2011.
Megaworld alone will launch more than 11,000 high-end apartment units with total floor area of over 372,000 square meters worth at least P41 billion. The projects are mostly in the capital Manila.
Megaworld associates Empire East Land Holdings Inc. and Suntrust Properties Inc. plan to start medium-cost and affordable housing projects worth P19 billion in the capital and nearby provinces south of Manila.
"Many investors both here and abroad believe that our country is now moving in the right direction, and we see a surge of investments especially in infrastructure areas, which will open up more growth opportunities not only for the entire economy but also for the real estate industry," Tan said.
Megaworld investor relations officer John Hao told Reuters the company does not need to raise funding, with the group planning to use proceeds from pre-selling to finance the projects.
Shares in Megaworld, which has a market value of $1.35 billion, rose 0.9% on Monday in a broader market that was up 0.5%.