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Megaworld

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Megaworld Corporation
Company typePublic
PSE: MEG
IndustryReal estate and lifestyle malls
FoundedAugust 24, 1989; 35 years ago (1989-08-24)
FounderAndrew Tan
Headquarters
Alliance Global Tower, Uptown Bonifacio, Taguig
,
Philippines
Key people
Revenue
  • Decrease PH₱39.27 billion (2020)
  • Decrease PH₱13.94 billion (2020)
  • Decrease PH₱9.89 billion (2020)
Total assets
  • Increase PH₱375.69 billion (2020)
Total equity
  • Increase PH₱185.46 billion (2020)
Number of employees
6,569 (2019)
ParentAlliance Global Group
Websitemegaworldcorp.com

Megaworld Corporation (PSE: MEG) is a real-estate company in the Philippines. It is listed on the Philippine Stock Exchange Composite Index.[2] The company develops large-scale, mixed-use, planned communities incorporating residential, commercial, educational, and leisure components. In addition, it provides other services such as project design, construction oversight, and property management. Among its landmark projects is Forbes Town Center, a 6-hectare commercial and residential district in Fort Bonifacio, Taguig, Metro Manila.[2] Another project by Megaworld is the 45-storey Petron Megaplaza office skyscraper, which was the tallest building in the country upon its completion in 1998.[3] Also, last May 31, 2016, Megaworld announced that they will build two more office towers, 10-storey One Republic Plaza, and six-storey Emperador House, in Davao City. The two towers will provide an additional 30,000 sqm of office spaces for lease.[4]

History

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Megaworld Properties & Holdings Inc. was founded by Andrew Tan and incorporated under Philippine law on August 24, 1989, primarily aimed at engaging in real estate development, leasing, and marketing.

In 1994, it spun off Empire East Land Holdings Inc., which focused on the middle income market. It was converted to a public company on July 15, 1994.[5]

On August 19, 1999, the company changed its name to Megaworld Corporation in line with its conversion from a purely real estate company to a holding company, though the company's core focus continues to be on real estate.

In 2013, the company gained full acquisition of Suntrust Properties.[6]

Andrew Tan has served as Chairman of the Board and President of the company since its incorporation in 1989.[5]

Megaworld renewed its congressional franchise for another 25 years on June 26, 2014, one day after celebrating their silver anniversary. Under Philippine law, this real estate development company will operate with franchise from Philippine congress, an authority that limits and regulates development and operations of condominiums, hotels and shopping centers.

In July 2024, Megaworld named Lourdes T. Gutierrez-Alfonso as President and CEO. Fortune magazine listed her as 85th of 100 Most Powerful Women in Asia.[7]

Properties

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The Megaworld Corporation has numerous development throughout the Philippines, ranging from malls (Megaworld Lifestyle Malls), offices, townships, hotels, resorts, gaming services and residential developments. It also owns companies such as the Megaworld Lifestyle Malls (in retail developments), the Megaworld Prime RFO (targeting the upper middle income and high income markets), the Empire East Land Holdings Inc., and the Suntrust Properties Inc. (both targeting the middle-income market)

Townships

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In Metro Manila:

In Luzon:

  • Capital Town - a 35.6 hectares (88 acres) development in San Fernando, Pampanga, standing in a land formerly owned by the Pampanga Sugar Development Company (PASUDECO) featuring the 17-story Saint-Marcel Residences, with 361 "smart home" units - Chelsea Parkplace condominium named after Chelsea, New York[10]
  • Highland City - a 24 hectares (59 acres) development in Cainta, Rizal. It is also located In Barangay, Manggahan, Pasig City.
  • Ilocandia Coastown - a 84 hectares (207 acres) development in Laoag, Ilocos Norte. It is located adjacent to the Fort Ilocandia Hotel with a 1.40-kilometer beach line, along with an area of sand dunes. It is set to have residential developments, a shophouse district, commercial district, and its own town center.[11][12]
  • Maple Grove - a 140 hectares (350 acres) mixed use development in General Trias.
  • San Benito Private Estate - a 25-hectare integrated active wellness township in joint venture with The Farm at San Benito group in Lipa, Batangas.[13]
  • Southwoods City - a 561 hectares (1,390 acres) mixed use development in Biñan, Laguna, consisting retail, residential developments, schools, a church, a cyberpark, a medical facility, open spaces, leisure facilities including a Golf course, and a own transport hub.

In Visayas:

  • Boracay Newcoast- a 150 hectares (370 acres) mixed use leisure and residential resort development in Boracay Island.
  • Iloilo Business Park- a 72 hectares (180 acres) development in Iloilo City.
  • The Mactan Newtown - a 30 hectares (74 acres) development in Lapu-Lapu, Cebu.
  • The Upper East - a 34 hectares (84 acres) joint- venture development in Bacolod. Standing on a former sugar-processing complex owned by the Araneta Group.

In Mindanao:

  • Davao Park District - an 11 hectares (27 acres) development in Davao City. It is to be classified as iTownship, it will integrate digital technology, design innovations and connectivity into the entire development.[14][15]
Arcovia City

Offices

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Residential

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Controversies

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Trademark dispute with Donald Trump

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In 2007, Megaworld renamed a high-rise condominium project formerly called "The Trumps" into "One Central" after American business magnate and eventual 45th President of the United States Donald Trump, who threatened legal action over the name, saying the name "Trump" was unmistakably associated with him.[16][17]

Allegations of fraud by Datem, Inc.

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On November 14, 2023, the Quezon City Regional Trial Court issued a court order to freeze Megaworld's assets in relation to projects involving Datem Inc., a construction company in the Philippines.[18] Datem alleged that Megaworld "failed to fulfill its obligation to Megaworld in completing the projects that have been assigned to them."[19]

In response, Megaworld announced that it will file criminal and civil cases against Datem. Megaworld denied the allegations, decried that the freeze order was absurd because Datem's claims only accounts for 0.2% of Megaworld's assets, and claimed that it "has not evaded any substantial claim for payments from Datem."[20][21]

References

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  1. ^ Libero-Cruz, Grace (August 7, 2019). "Megaworld Unveils A New Logo And Announces Mall Expansion Plans". Metro Channel. Retrieved September 9, 2023.
  2. ^ a b "Megaworld Corporation". Philippine Stock Exchange. Retrieved December 2, 2009.
  3. ^ "Petron Megaplaza, Makati". Emporis. Archived from the original on February 8, 2013. Retrieved December 4, 2009.{{cite web}}: CS1 maint: unfit URL (link)
  4. ^ "Megaworld to Build Two New Office Towers in Davao". PropertyAsiaPH. May 31, 2016. Retrieved June 4, 2016.
  5. ^ a b "Megaworld Annual Report 2008" (PDF). Megaworld Corporation. Retrieved December 2, 2009.
  6. ^ [1] Megaworld secures full ownership of Suntrust Properties, Philippine Star June 11, 2013. Retrieved August 19, 2019
  7. ^ Sy Cua, Aric John (October 9, 2024). "Megaworld exec among Most Powerful Women in Asia". The Manila Times. Retrieved October 9, 2024.
  8. ^ Purnell, Kristofer (July 26, 2023). "Philippines' 'biggest hotel' to open by end of 2023". The Philippine Star. Retrieved September 13, 2023.
  9. ^ "Megaworld milestone: Kevin Tan thrilled to open the biggest hotel in PH". bilyonaryo.com. April 7, 2024. Retrieved April 8, 2024.
  10. ^ "Megaworld expands residential portfolio in Pampanga with new Parisian-inspired 'smart condo' in Capital Town". The Manila Times. October 22, 2024. Retrieved October 22, 2024.
  11. ^ "Megaworld to spend P15B for 84-hectare township in Ilocos Norte | GMA News Online". www.gmanetwork.com. Retrieved October 14, 2024.
  12. ^ "Megaworld allots P15 billion for Ilocos beachside township". Manila Bulletin. Retrieved October 14, 2024.
  13. ^ Cabuenas, John (August 5, 2024). "Megaworld to build P12-billion township in Batangas with The Farm at San Benito operator". GMA Integrated News. Retrieved August 7, 2024.
  14. ^ "Megaworld Corporation | Megaworld To Develop Davao Park District Into Smart Township". www.megaworldcorp.com. Retrieved October 14, 2024.
  15. ^ "Megaworld Corporation | Megaworld to Build More Office Towers in Davao Park District". www.megaworldcorp.com. Retrieved October 14, 2024.
  16. ^ "Trump vs Trump: RP real estate firm takes on the Donald". The Philippine Star. December 8, 2008. Retrieved August 28, 2015.
  17. ^ "Megaworld loses Trump brand case". BusinessWorld. May 22, 2012. Archived from the original on September 23, 2015. Retrieved August 28, 2015.
  18. ^ Lozada, Chito (November 20, 2023). "Court: Megaworld 'defrauded' Datem". Daily Tribune. Retrieved November 22, 2023.
  19. ^ Gonzales, Iris. "Megaworld denies fraud allegations". Philstar.com. Retrieved November 22, 2023.
  20. ^ CEDadiantiTyClea (November 21, 2023). "DATEM says legal case won't disrupt operations". BusinessWorld Online. Retrieved November 22, 2023.
  21. ^ "Ridiculous and absurd: Kevin Tan says Datem's P873 million claim only accounts for 0.2% of Megaworld's assets". bilyonaryo.com. November 17, 2023. Retrieved November 22, 2023.
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