Megaworld attributes 11% rental growth to BPOs

MANILA, PHILIPPINES — Property developer Megaworld Corp. reported that it recorded an 11 per cent in office rental attributable to business process outsourcing firms. 

In a disclosure to the Philippine Stock Exchange (PSE), Megaworls said that their office segment maintained its growth momentum as it generated Php12.2 billion in rental income in 2022, an 11-percent increase from 2021.

“This was attributed to growing transactions from both traditional and business process outsourcing tenants as well as emerging businesses,” the disclosure read. 

“We have exceeded our targets across all business segments last year, and we remain optimistic that we can hit or even exceed our pre-pandemic numbers this year,” Kevin Tan, Megaworld chief strategy officer, said.

Megaworld Corp. grew its net income to Php15.4 billion last year, up 7 percent from Php14.4 billion in 2021.

Consolidated revenues grew by 17 percent to Php59.5 billion from Php50.8 billion. The real estate business propelled the profit growth with residential sales expanding by 18 percent to Php36.8 billion.