Megaworld's Core Businesses Grew in 2024; Income up by 12% to P21.7B

Megaworld, the country’s pioneer in township developments, saw another record-breaking year as net income surged to P21.7 billion, reflecting a 12% growth from the  previous year.

Consolidated revenues reached P81.7 billion, up 17% year-on-year, driven by the continued expansion of its core businesses—real estate, leasing, and hospitality.
 
Megaworld’s real estate sales remained a key driver of growth, with revenues reaching almost P51-billion, up 19% year-on-year, fueled by strong demand for residential properties in both Metro Manila and key provincial locations.
 
Last year, Megaworld launched the most number of townships in a year with the announcement of four expansive developments across the country with a total additional land area of almost 400 hectares: Lialto Golf and Beach Estate in Lian, Batangas (150 hectares); San Benito Private Estate in Lipa, Batangas, which is in partnership with The Farm at San Benito (25 hectares); Ilocandia Coastown in Laoag City (85 hectares); and The Upper Central in Cagayan de Oro (117 hectares).
 
These new townships brought Megaworld’s township portfolio to 35, and the company’s total land bank to almost 7,000 hectares.
 
Leasing revenues, meanwhile, hit P19.7 billion, up 10% from last year, as Megaworld Premier Offices and Megaworld Lifestyle Malls continued to attract high-profile tenants.
 
Megaworld Lifestyle Malls welcomed nearly 50,000 sqm of new tenant store openings in 2024, bringing  in several key tenants and strengthening its premium retail mix.
 
Mall revenues rose 19% to P6.30 billion, supported by higher foot traffic and consumer spending.
 
Megaworld Premier Offices, on the other hand, secured close to 140,000 sqm of new leases, highlighting its sustained appeal to multinational companies and top-tier BPO firms, with office revenues climbing 7% to P13.4-billion. The successful turnover of the International Finance Center in Uptown Bonifacio helped boost office revenue, with JPMorganChase taking the entire building with a total gross leasable area of 70,000 square meters.
 
Megaworld Hotels & Resorts, likewise, achieved another banner year having the highest growth among all of the company’s core businesses. Hotel revenues surged 34% to P5.1 billion. The expansion in the company’s MICE (Meetings, Incentives, Conventions, and Exhibitions) capabilities and a rebound in domestic and international travel significantly boosted Megaworld’s hospitality segment.
 
Last year, the company made history with the grand opening of Grand Westside Hotel, the largest hotel in the Philippines, with 1,530 room keys.
 
The company also started the construction of the 2,500-capacity Mactan Expo in The Mactan Newtown in Cebu, which will be the company’s first standalone convention facility that also has close proximity to the beach.
 
“In 2024, aside from delivering record results as we celebrated our 35 years in the Philippine real estate industry, we also pushed the boundaries of innovation across our townships, and bannered the new developments that truly help contribute to nation-building,” says Lourdes Gutierrez-Alfonso, president, Megaworld Corporation.
 
“Moving forward, we will set our eyes on more innovations as well as on how we can collaborate to further innovate, but still keeping our commitment to care for our people and our communities,” adds Gutierrez-Alfonso.