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Megaworld Corporation
Company typePublic
PSEMEG
IndustryReal estate and lifestyle malls
FounderAndrew Tan
Headquarters
Alliance Global Tower, Uptown Bonifacio, Taguig
,
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 (PSEMEG) 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

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.

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), 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

In Metro Manila:

In Luzon:

In Visayas:

In Mindanao:

Arcovia City

Offices

Residential

Controversies

Trademark dispute with Donald Trump

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.[7][8]

Allegations of fraud by Datem, Inc.

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.[9] Datem alleged that Megaworld "failed to fulfill its obligation to Megaworld in completing the projects that have been assigned to them."[10]

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."[11][12]

References

  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. Retrieved December 4, 2009.[dead 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. ^ "Trump vs Trump: RP real estate firm takes on the Donald". The Philippine Star. December 8, 2008. Retrieved August 28, 2015.
  8. ^ "Megaworld loses Trump brand case". BusinessWorld. May 22, 2012. Retrieved August 28, 2015.
  9. ^ Lozada, Chito (November 20, 2023). "Court: Megaworld 'defrauded' Datem". Daily Tribune. Retrieved November 22, 2023.
  10. ^ Gonzales, Iris. "Megaworld denies fraud allegations". Philstar.com. Retrieved November 22, 2023.
  11. ^ CEDadiantiTyClea (November 21, 2023). "DATEM says legal case won't disrupt operations". BusinessWorld Online. Retrieved November 22, 2023.
  12. ^ "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.