Andrew Tan-led Megaworld Corporation, the country’s pioneer in township developments, reported a 12 percent year-on-year improvement in net income to a new record high of ₱21.7 billion as all its business segments saw strong growth last year.

The firm disclosed to the Philippine Stock Exchange that its consolidated revenues rose 17 percent year-on-year to reach ₱81.7 billion, driven by the continued expansion of its core businesses—real estate, leasing, and hospitality.

“In 2024, aside from delivering record results, we also pushed the boundaries of innovation across our townships, and bannered the new developments that truly help contribute to nation-building,” said Megaworld President Lourdes Gutierrez-Alfonso.

She noted that, “Moving forward, we will set our eyes on more innovations as well as on how we can collaborate to further innovate, but still keeping our commitment to care for our people and our communities.”

Megaworld’s real estate sales remained a key driver of growth, with revenues reaching almost ₱51 billion, up 19 percent year-on-year, fueled by strong demand for residential properties in both Metro Manila and key provincial locations.

Last year, Megaworld launched the most number of townships in a year with the announcement of four expansive developments across the country with a total additional land area of almost 400 hectares (ha).

These new townships brought Megaworld’s township portfolio to 35, and the company’s total land bank to almost 7,000 ha.

Meanwhile, leasing revenues hit ₱19.7 billion, up 10 percent from last year, as Megaworld Premier Offices and Megaworld Lifestyle Malls continued to attract high-profile tenants.

Megaworld Lifestyle Malls welcomed nearly 50,000 square meters (sqm) of new tenant store openings in 2024, bringing in several key tenants and strengthening its premium retail mix.

Mall revenues grew 19 percent to ₱6.3 billion, supported by higher foot traffic and consumer spending.

Megaworld Premier Offices, on the other hand, secured close to 140,000 sqm of new leases, highlighting its sustained appeal to multinational companies and top-tier business process outsourcing (BPO) firms, with office revenues climbing seven percent to ₱13.4 billion.

The successful turnover of the International Finance Center in Uptown Bonifacio helped boost office revenue, with JPMorganChase taking the entire building with a total gross leasable area of 70,000 sqm.

Megaworld Hotels & Resorts, likewise, achieved another banner year having the highest growth among all of the company’s core businesses. Hotel revenues surged 34 percent to ₱5.1 billion.

The expansion in the company’s MICE (meetings, incentives, conventions, and exhibitions) capabilities and a rebound in domestic and international travel significantly boosted Megaworld’s hospitality segment.

Last year, the company made history with the grand opening of Grand Westside Hotel, the largest hotel in the Philippines, with 1,530 room keys.

The company also started the construction of the 2,500-capacity Mactan Expo in The Mactan Newtown in Cebu, which will be the company’s first standalone convention facility.