Tuesday, August 9, 2022

Megaworld Corporation

Property Updates

This article gives an insight regarding Megaworld Corporation, a real-estate firm headquartered in the Philippines and listed at the Philippine Stock Exchange Composite Index. Starting with the company’s history, the article goes on to provide information on matters such as the firm’s subsidiaries, and its operations along with insight as to who is part of the company’s top level management.

History of Megaworld Corporation
Founded by Mr. Andrew L. Tan on the 24th of August 1989, Megaworld Corporation took its place within Philippine’s economy once it was registered with the Securities and Exchange Commission.

The main tasks undertaken by the company include the development of property for sale and rental purposes. Its first operation was situated in Greenhills area within Manila, where it was to construct a residential condominium. As Philippine’s economy exhibited stability, and as demand within the construction industry grew, Megaworld expanded its operations in 1994 ‘ the year it also entered the Philippine Stock Exchange.

With projects ranging from townhouse communities to residential complexes, Megaworld has been involved in the development of medium-cost township communities, and since its inception diversified by penetrating into the upper and middle-income property market.

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Business Projects of Megaworld Corporation
The company consists of two subsidiaries, which are Suntrust Properties Inc. and Empire East Land Holdings, Inc. Further movements have been noted as Megaworld has increased its interest in Global Estates Resort Inc. to approximately 49.2%.

With Andrew L. Tan as its Chairman, Suntrust Properties is a wholly owned subsidiary of Megaworld, and is involved in the provisioning of self-sustaining residential communities with well-thought-out designs, and most importantly, all of this at affordable prices. Majority of the company’s projects are also located in the heart of Manila. Having initially ventured into subdivisions, Empire East Land Holdings ‘ Megaworld’s real estate subsidiary ‘ is now involved township community real estate projects. In 2012, it also carried out a venture with the Kazuo Okada Group which culminated into the development of residential towers in Pagcor Entertainment City. Some of Empire East land Holdings’ other projects include The Cambridge Village and The Xaviers Hills.

Megaworld Corporation People ‘ Board of Directors
megaworldMegaworld’s Board of Directors consists of seven individuals. Firstly, there is the Chairman of the Board, and the President, Mr. Andrew L. Tan, who has served the company in his capacity since its inception in 1989. Next, there is Katherine L. Tan who has served as a Director since 1989. From 1989 to 1994, she also occupied the position of Treasurer. The second Director is Mr. Kingson U. Sian who joined Megaworld as a Senior Vice President in 1995, and went on to become Director in April 2007.

The position of Vice President for Corporate Communications and Advertising is held by Mr. Enrique Santos L. Sy, while Miguel B. Varela is an Independent Director and Vice Chairman. Finally, the last two members of the Board, which are Gerardo C. Garcia, and Roberto S. Guevara, are also Independent Directors.

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Megaworld Corporation Operations
As stated earlier, the company is involved in the construction and real estate industry, occupied predominantly with the construction of communities to be used for residential and commercial purposes. The Annual Reports that the company releases also provide readers with details as to the operations the company is undertaking. Forbes Town Center, Metro Manila and Petron Megaplaza include the most notable operations that Megaworld has undertaken.

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