Megaworld Corporation
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 | |
| Company type | Public |
|---|---|
| PSE: MEG | |
| Industry | Real estate |
| Founder | Andrew Tan |
| Headquarters | , |
Key people | Andrew Tan (Chairman) |
| Parent | Alliance Global Group |
| Website | www.megaworldcorp.com |
Megaworld Corporation (PSE: MEG) 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, 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 and the 50-hectare McKinley Hill which is by far the biggest.[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 June 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.[1]
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.
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.[5][6]
Subsidiary
- Global-Estate Resorts, Inc.
References
- ^ a b c "Megaworld Corporation". Philippine Stock Exchange. Retrieved 2009-12-02.
- ^ "Petron Megaplaza, Makati". Emporis. Retrieved 2009-12-04.
- ^ "Megaworld to Build Two New Office Towers in Davao". PropertyAsiaPH. Retrieved 2016-06-04.
- ^ a b "Megaworld Annual Report 2008" (PDF). Megaworld Corporation. Retrieved 2009-12-02.
- ^ "Trump vs Trump: RP real estate firm takes on the Donald". The Philippine Star. 8 December 2008. Retrieved 28 August 2015.
- ^ "Megaworld loses Trump brand case". BusinessWorld. 22 May 2012. Retrieved 28 August 2015.
