Megaworld Corp., the listed property development arm of the Andrew Tan Group, had another record-breaking year in 2024, posting a 12 percent increase in net income to P21.7 billion, driven by the robust expansion across its business segements—real estate, leasing and hospitality.
Megaword saw consolidated revenue up 17 percent to P81.7 billion in 2024.
Real estate sales remained the main driver of growth, reaching nearly P51 billion, a 19 percent increase from the previous year. The surge was fueled by strong demand for residential properties in Metro Manila and key provincial areas.
In 2024, Megaworld launched four new expansive townships across the country, adding nearly 400 hectares to its land bank. These new developments include the Lialto Golf and Beach Estate in Batangas, the San Benito Private Estate in Lipa, Ilocandia Coastown in Laoag City, and The Upper Central in Cagayan de Oro. These new townships bring Megaworld’s total township portfolio to 35 and expand its land bank to nearly 7,000 hectares.
Leasing also saw impressive growth, with revenues reaching P19.7 billion, a 10 percent increase from the previous year. Megaworld’s premier office and lifestyle mall businesses continue to attract high-profile tenants. Megaworld Premier Offices secured almost 140,000 square meters of new leases, while Megaworld Lifestyle Malls welcomed new tenants, boosting mall revenues by 19 percent to P6.3 billion.
The hospitality sector, led by Megaworld Hotels & Resorts, recorded the highest growth among the company’s core businesses, with a 34 percent increase in revenues to P5.1 billion. Key milestones included the grand opening of the Grand Westside Hotel, the largest hotel in the Philippines, and the start of construction for the Mactan Expo in Cebu.
“2024 was a historic year for us, and we remain committed to innovation and community development,” said Lourdes Gutierrez-Alfonso, president of Megaworld.
