PH1 seen matching 2024 sales by end-October

The real estate arm of Megawide Construction Corp. is poised to exceed its 2024 sales record “by a wide margin” and bolster the group’s overall profit this year. This is the expectation, as the sector is proving to be a strong growth driver.

This, after PH1 World Developers Inc. more than doubled its sales in the January to September period. Revenues reached P3.38 billion on the back of strong demand for its residential projects.

Thus, PH1 is seen to outperform last year’s sales of P3.45 billion before the end of October, Megawide said in a statement on Wednesday.

“Our sales success is a reflection of how we approach development differently,” PH1 president Gigi Alcantara said.

“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,” Alcantara said.

According to the firm, it had secured nearly P3.34 billion in reservation sales this year.

Demand was particularly high for Lykke Kondo in Pasig City after the project crossed the P1-billion reservation mark.

One Lancaster Park in Cavite, on the other hand, generated at least P2 billion in total sales since its first tower was launched in 2023.

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The firm’s other projects include My Enso Lofts, The Hive, Northscapes and Modan Lofts.

As of end-September, PH1 had unbooked revenues of around P10.16 billion.

These represent sales owed from customers who bought pre-selling units and have yet to complete their payment. Hence, these sales are not yet recorded in PH1’s books.

Outstanding inventory, or units that have not been sold yet, is pegged at more than P20 billion, PH1 said.