Monday, July 14, 2008 [ philstar.com ]
Upscale property developer Megaworld Corp. said it expects early sales commitments from the Korean market to reach P7.5 billion for two of its latest residential condominium projects — The Venice Luxury Residences and 8Forbes Town.
This as the company teamed up with Korean real property and legal consulting firms MSH Inc. and Philseoul Inc. to market The Venice, Megaworld’s fifth high-end residential condominium at the Bonifacio Global City in Taguig City.
Noli Hernandez, Megaworld first vice president for marketing, said they expect Korean nationals to account for bulk of sales of the first phase of The Venice’s development equivalent to P6 billion or more than 900 units. Another P1.5 billion in investments has been committed by Koreans for 8Forbes Town, he added.
The Venice, which will be developed on a 2.1-hectare lot within the 50-hectare McKinley Hill township, is expected to chalk in total sales of P12.5 billion.
Hernandez attributed the strong interest of Koreans in The Venice and 8Forbes Town to the area’s proximity to the soon-to-rise Korean Embassy and the Korean International School.
“We are honored that MSH and Philseoul have chosen to partner with Megaworld. This bodes well for the firmer warming up of Philippine-Korean relations. With the impending relocation of the Korean Embassy and the ongoing construction of the new Korean International School Manila within McKinley Hill, this even makes this Megaworld project all the more appealing internationally, said Hernandez.
Jung KyungSun, president of MSH, looking at other Megaworld projects the company can promote in Korea given the real estate firm’s strong brand and good reputation.
Many Koreans have been going to the Philippines to learn the English language, as speaking English with a native accent has become such a status symbol among Korean nationals.
Less than four hours away by plane from Seoul, the Philippines has an English-speaking population and a significantly lower cost of living.
In 2006, total investments from South Korea amounted to $1.2 billion, making it one of the Philippines’ major source of foreign direct investments.
The Italian-inspired The Venice will have seven towers which will be developed over a period of five to seven years. The first of seven towers, dubbed Allesandro, will begin construction next year.
Average unit prices for The Venice Residences, which will all feature balconies, are as follows; P3.6 million for a 40.3-square meter studio, six million for a 66.4-sqm one-bedroom, P9.5 million for a 102.6-sqm two-bedroom and P11 million for a three-bedroom at 119.5 sqm.
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