Andrew Tan prepping for tourism’s rebound: Megaworld selling P5B worth of boutique hotel, commercial lots in Palawan

Megaworld is eyeing to generate around P5 billion from the sale of lots in its planned Mercato Shophouse and Porto Hotel District in San Vicente, Palawan.

Located within Megaworld’s P40 billion eco-tourism township in the Paragua Coastown, the master-planned Mercato Shophouse District and the Porto Hotel District is offering to the public 240 lots ranging from 250 to 599 square meters for shophouses, and 450 to 1,199 sqm for boutique hotels.

Both Mercato Shophouse District and Porto Hotel District are interconnected to each other, providing convenient walkability through expansive sidewalks and bridges.

“Our eco-tourism township offers businesses and entrepreneurs such as hotel owners, restaurateurs, coffee shop and bar operators, and retail shop owners to own land in San Vicente, particularly inside our master-planned beachside development,” said JR Abusta, head of sales and marketing at Megaworld Palawan.

Abusta said the district would have close access to the coastline of Long Beach Area of San Vicente, which has been designated as a Tourism Enterprise Zone (TEZ) of the Tourism Infrastructure and
Enterprise Zone Authority (TIEZA).

TIEZA’s Tourism Enterprise Zones have special incentives for tourism-related businesses such as tax holidays.

Among the first developments in the area include medical and wellness facilities, church, and other leisure and institutional amenities.

“We will definitely have unique residential and recreational offerings inside Paragua Coastown as well. What we are building here will hopefully help San Vicente become the most popular eco-
tourism spot in Palawan and the entire country. But of course, we give utmost importance to sustainable real estate because this is what everyone will be looking for when they decide to invest in Palawan,” said Abustan.

SOURCE: Bilyonaryo

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Kevin Tan pleased with Megaworld’s strong Q3 showing

Benefiting from the resurgence in demand for residential properties, Megaworld saw its third quarter net income surge 57% to P3.2 billion due to the easing of coronavirus restrictions.

This brings the company’s first nine months profit to P8.2 billion or an increase of 10 percent from the same period last year.

Consolidated revenues climbed by 50% to P14.5 billion in the third quarter, bringing Megaworld’s total revenues to P36.9 billion in the nine months to September.

“The recovery momentum has started to pick up and we hope that the lowering of the alert levels especially in Metro Manila will continue until the year-end. As more people safely go out and enjoy the normal life, the better for business and our economy as a whole,” said Kevin L. Tan, chief strategy officer of Megaworld.

Real estate sales led the recovery, more than doubling to P9.6 billion during the quarter amid the expansion in construction activities. The nine-month figure reached P23.1 billion, up 21 percent year on year.

Reservation sales grew 35 percent to P17.1 billion during the third quarter.

The hotels & resorts segment staged a strong recovery during the quarter as revenues grew 121 percent to P552 million with the opening of Kingsford Hotel in the company’s Westside City township along Manila Bay

Megaworld Premier Offices, meanwhile, saw flat rental earnings in the third quarter at P2.9 billion.

Its Lifestyle Malls, on the other hand, reported a 16 percent jump in rental income to P469 million.

SOURCE: Bilyonaryo

Read More

Kevin Tan pleased with Megaworld’s strong Q3 showing

Benefiting from the resurgence in demand for residential properties, Megaworld saw its third quarter net income surge 57% to P3.2 billion due to the easing of coronavirus restrictions.

This brings the company’s first nine months profit to P8.2 billion or an increase of 10 percent from the same period last year.

Consolidated revenues climbed by 50% to P14.5 billion in the third quarter, bringing Megaworld’s total revenues to P36.9 billion in the nine months to September.

“The recovery momentum has started to pick up and we hope that the lowering of the alert levels especially in Metro Manila will continue until the year-end. As more people safely go out and enjoy the normal life, the better for business and our economy as a whole,” said Kevin L. Tan, chief strategy officer of Megaworld.

Real estate sales led the recovery, more than doubling to P9.6 billion during the quarter amid the expansion in construction activities. The nine-month figure reached P23.1 billion, up 21 percent year on year.

Reservation sales grew 35 percent to P17.1 billion during the third quarter.

The hotels & resorts segment staged a strong recovery during the quarter as revenues grew 121 percent to P552 million with the opening of Kingsford Hotel in the company’s Westside City township along Manila Bay.

Megaworld Premier Offices, meanwhile, saw flat rental earnings in the third quarter at P2.9 billion.

Its Lifestyle Malls, on the other hand, reported a 16 percent jump in rental income to P469 million.

 SOURCE: Bilyonaryo

Read More