People take in the sights and sounds as Megaworld's Eastwood City welcomes the Christmas season with the launch of Lughtscapades in Quezon City on November 21, 2023. Jonathan Cellona, ABS-CBN News 

MANILA -- Property giant Megaworld said its net income climbed in the first three months of 2024.

In a statement, the developer said their net income in the first quarter of the year reached P5 billion.

The company said real estate sales soared by 29 percent to P12.1 billion because of strong bookings and unit sales. Leasing revenues alone grew 6 percent to P4.6 billion from January to March.

Megaworld Lifestyle Malls meanwhile saw their revenues jump by 20 percent to P1.5 billion due to higher tenant sales and improved occupancy.

Megaworld Hotels & Resorts also saw their revenues rise by 39 percent to P1.1 billion on the growth of MICE (Meetings, Incentives, Conventions, Exhibitions) activities and local tourism.

Kevin Tan, chief executive officer of Megaworld parent Alliance Global Group, said Megaworld hopes to have 35 townships by the end of 2024 as they mark 35 years in the Philippine real estate industry. 

Megaworld net income surges 71 pct in first half of 2023