Megaworld Corporation

Megaworld Corporation (PSE: MEG) is a real-estate company in the Philippines. It is listed on the Philippine Stock Exchange Composite Index.[1]

The six Forbeswood Heights residential buildings in Fort Bonifacio.
The Forbeswood Parklane residential building in Fort Bonifacio.
Megaworld Corporation
Public
Traded asPSE: MEG
IndustryReal estate and lifestyle malls
FounderAndrew Tan
Headquarters
Alliance Global Tower, Uptown Bonifacio, Taguig City
,
Philippines
Key people
ParentAlliance Global Group
Websitemegaworldcorp.com

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 City, Metro Manila.[1] 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.[2] 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.[3]

History

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.[4]

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.[5]

Andrew Tan has served as Chairman of the Board and President of the company since its incorporation in 1989.[4]

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.

Properties

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) , Empire East Land Holdings Inc (targeting the middle-income market) and the Suntrust Properties Inc.

Townships

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)
  • Highland City - a 24 hectares (59 acres) development in Cainta, Rizal.
  • Maple Grove - a 140 hectares (350 acres) mixed use development in General Trias, Cavite.
  • 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 Mactan, 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 - a 11 hectares (27 acres) develpment in Davao City.

Offices

Residential
  • Two Central and Three Central towers
  • Manhattan Garden City - an 18-tower joint venture residential development with the Araneta Group, occupying 8.5 hectares (21 acres) in the Araneta City.

Controversies

Trademark dispute with Donald Trump

In 2007, Megaworld renamed a high-rise condominium project formerly called "The Trumps" into "One Central" after American real estate magnate Donald Trump threatened legal action over the name, saying the name "Trump" is unmistakably associated with him.[6][7]

References
  1. "Megaworld Corporation". Philippine Stock Exchange. Retrieved 2009-12-02.
  2. "Petron Megaplaza, Makati". Emporis. Retrieved 2009-12-04.
  3. "Megaworld to Build Two New Office Towers in Davao". PropertyAsiaPH. Retrieved 2016-06-04.
  4. "Megaworld Annual Report 2008" (PDF). Megaworld Corporation. Retrieved 2009-12-02.
  5. Megaworld secures full ownership of Suntrust Properties, Philippine Star 2013-6-11. Retrieved 2019-8-19
  6. "Trump vs Trump: RP real estate firm takes on the Donald". The Philippine Star. 8 December 2008. Retrieved 28 August 2015.
  7. "Megaworld loses Trump brand case". BusinessWorld. 22 May 2012. Retrieved 28 August 2015.
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