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MANILA - Property companies controlled by tycoon Andrew Tan will earmark a record capital expenditure budget for 2013 after registering higher sales last year, underscoring the group's bullish outlook on the real estate market.
In a disclosure to the Philippine Stock Exchange, Megaworld Corp said the combined capital spending for the year of the upscale property developer as well as Empire East Land Holdings Inc and Suntrust Properties Inc will hit an all-time high of P35 billion, as it eyes to launch more than 10 projects in the first half.
Empire East and Suntrust cater to the medium-income and affordable segments of the market, respectively.
Reservation sales of the Megaworld group grew 71 percent to more than P63.5 billion last year, a turnaround from the 25-percent drop to P37.1 billion a year ago. This translates to a total saleable area of more than 550,000 square meters.
"Megaworld Corporation owes its phenomenal sales growth to its superior portfolio and sterling track record in the Philippine property market," the listed property developer said.
Megaworld is a pioneering developer of integrated live-work-play-learn township communities that includes Eastwood City in Quezon City, Newport City in Pasay City, and McKinley Hill, McKinley West and Uptown Bonifacio in Taguig City.
The developer also widened its geographical footprint with ongoing township projects in the Visayas such as The Mactan Newtown in Cebu and Iloilo Business Park in Iloilo.
Megaworld is part of Alliance Global Group Inc, which also has interests in food and beverage, quick service restaurants and tourism. The conglomerate had said it will allot more than P40 billion in 2013 to support the expansion of its business units.
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