Vol. XXI, No. 243-A [ BusinessWorld Online ]
Saturday, July 12, 2008 | MANILA, PHILIPPINES
Property developer Megaworld Corp. has partnered with two Korean companies to promote its 50-hectare McKinley Hill township project in Fort Bonifacio. In a statement, the company said it had signed a deal with MSH, Inc. and Philseoul, Inc. to attract more Korean investors to McKinley Hill.
In an interview, Megaworld Senior Sales Manager Rachelle Peñaflorida said the contract with the Korean companies is long term. The parties will come up with at least two projects a year.
Philseoul, Inc. Manager Simon Boyek said the country’s strong growth had attracted them to the Philippines, adding that there are many Koreans here. "There are [many] Koreans who want to come [here] and [the Venice Luxury Residences], which is located near the Korean Embassy," he said. Mr. Boyek said they expect to generate P6 billion from the Koreans who will be buying condominium units.
Early this week, Megaworld said it was setting up its fifth high-end residential condominium worth P12.5 billion in Fort Bonifacio, Taguig City to be named The Venice Luxury Residences. Other Megaworld residential condominium projects in McKinley Hill include the three towers of Stamford Executive Residences and Morgan Executive Suites. The company said Venice’s seven towers would blend with the McKinley Hill Town Center’s Venetian Mall, which is due for opening in late 2009.
The company earlier said it expected its net profit to hit P3.8 billion this year, almost four times higher than in 2007. Megaworld is building a P3.8-billion hotel in Taguig City to take advantage of a surge in tourist arrivals with the opening of Terminal 3 of the Ninoy Aquino International Airport. — Kristine Jane R. Liu
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