Megawide housing arm doubles sales
The property arm of Megawide Construction Corp. more than doubled its booked sales in the first half of the year, buoyed by strong demand for its residential projects.
On Monday, PH1 World Developers Inc. said it had generated P3.15 billion in sales from January to June, more than twice the P1.38 billion recorded in the same period last year.
One Lancaster Park, My Enso Lofts and Lykke were the biggest contributors, collectively accounting for more than 63 percent of total sales booked during the period.
The strong sales performance also pushed PH1’s unbooked revenues to P11 billion as of end-June. These are expected to be recognized as revenue in succeeding periods.
PH1 president Gigi Alcantara said the strong takeup of recently launched projects showed that end-user demand outside major business centers remained “buoyant and resilient.”
“As we roll out our expanded 4PH pipeline—starting with our maiden offering Avesta Residences in Imus, Cavite—we are confident of sustaining an even stronger performance over the long term,” Alcantara said.
PH1 recently topped off the first tower of Avesta Residences, a five-tower development in Imus. Tower 1 is scheduled for completion by October, about a year after construction began.
The project uses Megawide’s precast and construction solutions technology, which the company said allows for faster and more consistent construction.
PH1 is also preparing to launch more expanded 4PH projects within the year as it builds up its affordable housing portfolio.
These projects will be located in Caloocan and other sites in Cavite, including Imus and Dasmariñas.
