Megaworld, disclosed that more than 250 out of the 360 commercial lots of its 140-hectare township in General Trias, Cavite have been sold. Maple Grove is considered the fourth project of the company in the Cavite-Batangas area which it owns more than 2,000 hectares of land.
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9 Billion Pesos worth of sales for Megaworld!
MEG received an overwhelming tranche of booked sales for this project during the past days, even during the holidays. The purchased lots account 80% of the total P9 billion worth of the said township. The lots sold fast since its release on November 2017. Its commercial district is set to have residential, institutional and retail components with lot sizes ranging from 360 square meters to 1,008 square meters. Megaworld is developing the area to become a central business district similar to that of Makati.
General Trias, Cavite is a rising growth centre and everyone is looking forward to the new proposed CBD that we will build… We envision this to be the ‘Green City of the South,’ because of its numerous sustainability features and environment-friendly amenities,.
Maple Grove will be a center piece for years to come due to its proximity
Maple Grove is less than an hour away from Makati and is accessible through Sangley Point, where the government is proposing to rehabilitate the existing airport in order to ease congestion in Ninoy Aquino International Airport.
The company aims to complete development of the commercial district in 2022. After which, the company expects lot owners to develop their buildings within five years after they have been turned over.
The company’s revenues grew 5% to P37.1 billion in the first nine months of 2017 due to higher rental income while its profit also increased by 11% from P8.98 billion to P9.98 billion from last year.
The stock needs to breakout from 5 to escape the short term downtrend. If it successfully manages to go above 5, the next possible target price could be pegged at 5.80. Failure to break past 5 will just further validate the downward movement of Megaworld for the short term and prove that the resistance at 5 is relatively strong.