Tan-led Megaworld sets P35-B record high capex for 2013
MANILA Philippines - Megaworld Corp, the real estate arm of tycoon Andrew Tan-led Alliance Holdings, will spend P35 billion, an all-time high budget for the company, to launch 10 new projects in the first 6 months of 2013.
In a statement on Monday, January 28, Megaworld said this capital expenditure is a "sign of its commitment to the real estate industry and its bullish outlook on the market."
It also reported selling over P63.5 billion-worth of residential projects in 2012, translating into a total of 550,000 square meters of area sold.
The 2012 sales reflects a 71% growth from a year ago. Megaworld pre-sells projects under 3 brands: Megaworld, Empire East and Suntrust, each catering to target markets, which range from luxury to middle income to affordable segments. - Rappler.com