| Megaworld Corporation | |
| Type: | Public |
| Founder: | Andrew Tan |
| Location City: | Alliance Global Tower, Uptown Bonifacio, Taguig |
| Location Country: | Philippines |
| Industry: | Real estate and lifestyle malls |
| Num Employees: | 6,569 (2019) |
| Parent: | Alliance Global Group |
Megaworld Corporation is a real-estate company in the Philippines. It is listed on the Philippine Stock Exchange Composite Index.[1] 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.[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]
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.
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)
In Metro Manila:
In Luzon:
In Visayas:
In Mindanao:
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.[9] [10]
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.[11] Datem alleged that Megaworld "failed to fulfill its obligation to Megaworld in completing the projects that have been assigned to them."[12]
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."[13] [14]