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MANILA, Philippines - Alliance Global Group Inc. expects reservation sales of its real estate business to grow by 48.6 percent to P55 billion after a record first quarter performance.
In a disclosure to the Philippine Stock Exchange, the holding firm of Andrew Tan said the combined reservation sales of Megaworld Corp., Empire East Land Holdings Inc., Suntrust Properties Inc. and Global-Estate Resorts Inc. (GERI) hit P16.4 billion in the January to March period, a 52 percent growth year-on-year.
"Despite the increase in land prices last year, we see our sales momentum building up continuously for each quarter of 2012,” said Noli Hernandez, Megaworld senior vice president for marketing.
Last year, AGI's real estate business posted reservation sales of P37 billion.
Each of the conglomerate's property companies caters to niche markets ranging from the luxury to middle-income, affordable, and vacation homes segments.
“Megaworld’s strong performance for the first quarter of this year can be attributed to superior product offerings that address on a large scale the Filipinos’ need for quality, affordable homes in the very best locations,” Hernandez said.
Strong marketing of the companies’ multi-tower condominium developments in the metro and sprawling residential communities in Calabarzon boosted the sales of middle-income brand Empire East and affordable housing brand Suntrust.
GERI launched Boracay Newcoast, the first integrated tourism estate in the world-class tourist destination.
The development features a kilometer-long white sand beach, ocean view villas, mid-rise condominiums, shopping and dining districts and over 1,500 hotel rooms. Boracay Newcoast is also home to the only 18-hole championship golf course on the island.
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