Megaworld sees rental income of P9 billion this year

Property giant Megaworld, the country’s leading developer of integrated urban townships, is optimistic that its rental income will grow to P9 billion this year as it continues to aggressively expand its leasing portfolio driven by office, commercial centers and hotels.

Megaworld’s rental income reached P2.7 billion in 2010.

In 2011, this soared to P3.8 billion, a remarkable 41-percent year-on-year growth. A year after, rental income grew by 32 percent to P5 billion, and in 2013, it again grew by 20 percent to P6 billion.

Last year, the company’s rental income reached P7.1 billion, still maintaining a double digit growth of 18 percent.

“This year, we expect another double digit growth to our rental income by another 27 percent to P9 billion.

However, looking back, we haven’t just achieved double digit growth in our rental income in the last five years but have grown even more than twofold, and this is a favorable indication of the company’s overall growth,” Francis Canuto, chief finance officer of Megaworld, said.

Megaworld is also opening seven new malls and commercial centers in its five township developments namely: Uptown Place and Uptown Parade in Uptown Bonifacio; Venice Grand Canal in McKinley Hill; Mactan Alfresco in The Mactan Newtown in Cebu; Eight Forbestown Road and Burgos Parklane in Forbes Town Center; and Tagaytay Twin Lakes in Twin Lakes, Batangas.