Megawide's PH1 optimistic to hit full-year 2024 sales in October

PH1 World Developers Inc., the real estate arm of Megawide Construction Corporation, is optimistic it will breach its 2024 sales by this month, after more than doubling its revenues during the first nine months of the year.

In a regulatory filing, PH1 said its sales more than doubled to P3.38 billion in the January to September period from P1.59 billion in the same period last year, equivalent to 94% of the full-year sales in 2024.

“Our sales success is a reflection of how we approach development differently. Yes, location is critical, and all our projects are strategically placed for accessibility and convenience,” PH1 World Developers Inc. president Gigi Alcantara said.

The company said it has secured nearly P3.4 billion in reservation sales, as its Lykke Kondo in Pasig has crossed the P1-billion reservation mark, while the third tower of the One Lancaster Park in Cavite has generated nearly P1 billion in reservations.

PH1 ended the third quarter with P10.16 billion unbooked revenues, and over P20 billion in outstanding inventory, excluding developments set to be launched in the near term.

Megawide fully acquired PH1 from Citicore Holdings Investment Inc. for a total consideration of P5.2 billion in 2023, as part of its progression from construction and engineering into higher value-generating businesses. —Jon Viktor D. Cabuenas/KG, GMA Integrated News