Tycoon Andrew Tan-led property developer Megaworld Corp. delivered P2.6 billion in second quarter net profit, rising at a double-digit pace from the levels a year ago and a quarter ago, driven mostly by the office leasing business. Megaworld’s second quarter net profit rose by 39 percent versus a low base of P1.9 billion last year…
The exodus Philippine Offshore Gaming Operator (Pogo) companies that characterized the woes of the Metro Manila office sector in 2020 has ended and demand for new space is returning, property veteran David Leechiu said on Tuesday. This reversal was partly due to new legislation addressing tax compliance by Pogos, whose operations mainly target gamblers in…
Megawide is no stranger to crises. Since we started operations more than two decades ago, we have developed key insights that have helped us navigate through the different cycles and thrive amid the most difficult times in our company’s—and country’s—unfolding history. We were born during the 1997 Asian financial crisis and started out as a…
The business process outsourcing (BPO) sector has regained ground amid the disruptions brought about by the COVID-19 pandemic since 2020, fueling what appears to be the start of the office property segment’s rebound. Thanks to these BPOs, the Philippine office property market now “appears ready to take off and resume its prepandemic growth trajectory,” based…
The Securities and Exchange Commission (SEC) has cleared the real estate investment trust (REIT) offering of as much as P14.92 billion planned by Gotianun-led Filinvest Land Inc. Filinvest-sponsored Cyberzone Properties, which will change its name to Filinvest REIT Corp., was authorized to offer to the public up to for up to P8.30 per share, with…
Upscale property developer Rockwell Land has seen earnings in the first six months exceed full 2020 level, riding on a resilient high-end residential property market during this prolonged COVID-19 pandemic. Building on this momentum, Rockwell is set to bring to the property market about worth of fresh property inventory this year, including two flagship projects…
Property developer Cebu Landmasters Inc. (CLI) will donate to the government of Cebu City a 100-unit medium-rise socialized residential condominium complex to shelter informal settlers who need to be evacuated from calamity-prone areas. The five-story residential project, valued at , will serve as transition housing for informal settlers near rivers, creeks, seas and other danger…
Tycoon Andrew Tan-led Megaworld Corp. plans to raise as much as P27.3 billion from the sale of a 49-percent stake in a business process outsourcing industry (BPO)-focused real estate investment trust (REIT) called MREIT Inc., which the group is grooming to become Southeast Asia’s largest REIT in terms of portfolio scale. At the maximum size,…
A number of foreign companies have signified interest to invest in the country’s offshore mining sector, encouraged by the recent issuance of Executive Order No. 130 that lifted the moratorium on the approval of new mining permits. The Offshore Mining Chamber of the Philippines (OMCP) over the weekend said several investors from at least were…
Globe Telecom users traveling to North America can access 5G roaming services in the coming week as the telco giant gears up for the gradual recovery of the travel sector during the pandemic. In a statement on Thursday, Globe said 5G roaming in Canada would be launched on to be followed by the United States…