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Megaworld to build P12-B condo in Taguig

Vol. XXI, No. 242 [ BusinessWorld Online ]
Thursday, July 10, 2008 | MANILA, PHILIPPINES

PROPERTY DEVELOPER Megaworld Corp. is setting up its fifth high-end residential condominium worth P12.5 billion in Fort Bonifacio, Taguig City.

The Venice Luxury Residences will be built on a 2.1-hectare site within the 50-hectare McKinley Hill, Megaworld’s largest new international-caliber township project to date.

The Venice-inspired project will have seven towers — Allesandro, Bellini, Caruso, Domenico, Emanuele, Fiorenzo and Giovanni, the company said in a statement yesterday.

Megaworld also said that it has hired Italian architectural firm Paolo Marioni Architetto of Rome to make sure the project remains true to its origins and inspiration.

Average unit prices for the 31-storey towers will range from P3.6 million for a 40.3-square meter studio to P11 million for a three-bedroom unit measuring 119.5 square meters. More than 20 different amenities are planned in the luxury enclave, which includes a swimming pool and several gardens. It will house a fitness station, badminton and tennis courts. It will also feature a sauna and spa.

The company said construction of the project would start next year for the first of seven towers. The entire project is expected to be completed within five to seven years. Venice Luxury Residences is an addition to the company’s soon-to-be-completed first and second phases of McKinley Hill Garden Villas, and McKinley Hill Tuscany Private Estate.

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 late next year.

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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