Megaworld reservation sales double

Megaworld Corp.’s reservation sales almost doubled in the first five months to P9 billion from P4.6 billion, riding on the present real estate boom. "Megaworld saw this uptrend happening in the market as early as 2002 and has since been on the lookout for properties to add to its land bank," Megaworld First Vice-President Francisco C. Canuto said in a disclosure to the stock exchange. Last month, Megaworld launched an exclusive low-density residential project called Tuscany Private Estate in McKinley in Fort Bonifacio that churned in close to P500 million in sales on the first day. The first phase of the Manhattan Garden City sold more than P1.5 billion after the first tower was launched in September. More than half of Eastwood LeGrand had been taken up as of May, with sales reaching more than P1 billion. The anchor residential project at Eastwood City’s new Palm District was introduced in December. Mr. Canuto said Megaworld was working on six mega-communities, including McKinley Hill in Fort Bonifacio, Taguig City; Manhattan Garden City at the Araneta Center in Quezon City; and Newport City at the Villamor Air Base in Pasay City. He said Megaworld owns up to eight years’ worth of prime land ready for development. "This has positioned it well for a new era of unprecedented growth in the property sector," he added. - Ruby Anne M. Rubio/BusinessWorld