MEGAWIDE CORP. on Wednesday said real estate unit PH1 World Developers, Inc. is on track to exceed its 2024 performance after sales surged in the first nine months of the year, driven by strong demand for its projects in Cavite.
In a disclosure, Megawide said PH1’s sales from January to September more than doubled to P3.38 billion from P1.59 billion a year earlier. The company said its nine-month performance indicates it could surpass its full-year target.
“Our sales success is a reflection of how we approach development differently,” PH1 President Gigi G. Alcantara said in the disclosure. “Location is critical, and all our projects are strategically placed for accessibility and convenience.”
“But beyond that, PH1 brings an extra touch — a vision to deliver a true first-world living experience to Filipinos, championing the mission of our parent company Megawide Construction,” she added.
PH1’s growth was boosted by the strong performance of its two key developments — Lykke Kondo and One Lancaster Park, both in Cavite. Lykke Kondo, launched this year, has logged P1 billion in reservation sales, while One Lancaster Park generated about P2 billion.
As of end-September, PH1 reported unbooked revenues of about P10.16 billion and outstanding inventory worth more than P20 billion from existing projects, providing a strong pipeline for the coming years.
“With these healthy levels, PH1 is expected to become a more valuable contributor to Megawide’s consolidated revenue and net income starting next year,” the company said.
For the first half, Megawide’s consolidated revenue fell 23.6% to P8.78 billion from a year earlier, as its construction segment remained its main revenue driver at P7.31 billion. Landport operations contributed P216.97 million, while real estate added P1.07 billion.
Megawide’s attributable net income for the six-month period slipped 2.7% to P434.79 million from a year ago.
At the Philippine Stock Exchange on Wednesday, Megawide shares closed unchanged at P3.37 each. — Ashley Erika O. Jose
