Megaworld 2011 sales drop 25%

Rappler.com
Sales reached P37.1 billion last year, down 25% from the P49.68 billion disclosed in 2010

MANILA, Philippines – Sales of the Megaworld Group controlled by tycoon Andrew Tan dropped by a fourth last year, the listed property developer told the local stock exchange.

The Megaworld Group, which comprises of 3 brands catering to different market segments, said sales reached P37.1 billion last year, down 25% from the P49.68 billion disclosed in 2010.

The Andrew Tan-led real estate firm did not provide details for the slump in sales.

It also did not provide details of its profits for 2011. In the 1st 9 months, it reported a net income  to P6.70 billion, or 61.78% higher than the previous year’s net income of P4.14 billion.

It stressed, however, that it sold 10,451 condominium units in 2011 and claimed the top spot for the residential segment.

It said it sold more than 4,000 square meters for the year from its high-end unit, Megaworld, and its sister firms Empire East Land Holdings Inc., which focus on low to medium-income segment, and Suntrust Properties Inc., its affordable housing segment.

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

Megaworld has 7 mega-community projects on the rise in strategic locations in Metro Manila and has recently launched its first project in Cebu called Mactan Newtown.

This 2012, Megaworld will introduce 11 residential projects in the 1st half of the year, topping the 8 developments launched for the entire 2011.

Megaworld has been dragged into the ongoing impeachment trial of Chief Justice Renato Corona. Two units at Megaworld’s prime properties in the Fort Bonifacio area — a penthouse unit in Bellagio Tower and a house and lot at the McKinley Hill — were sold at a deep discount or coursed through a family member of Corona. – Rappler.com

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