Vol. XXII, No. 105-A [ BusinessWorld Online ]
Saturday, December 20, 2008 | MANILA, PHILIPPINES
PROPERTY DEVELOPER Megaworld Corp. is confident of attracting buyers for its fifth residential project despite a gloomy outlook for the housing market next year.
In a statement, the company on Friday said it was expecting P1.4 billion in sales from Greenbelt Madison, mostly to professionals who are unlikely to be affected by a slowing global economy.
Megaworld said it could easily sell the condominium units given its prime location, which is just a block away from Ayala Avenue where most businesses are. The realty firm said it was still tring to get its license to sell.
"Despite the ongoing financial crisis abroad, we are quite confident with Greenbelt Madison because [it is] near Ayala Avenue and the Makati Medical Center," said Clifford Legaspi, Megaworld vice-president for marketing and head of the Greenbelt Madison project. He added that they expect the units to be sold out in the next few months.
Mr. Legaspi said they would target doctors, executives, entrepreneurs and investors for Greenbelt Madison.
The project will have 276 executive studio and two-bedroom units that cost as much as P5.3 million for the studio units. The two-bedroom units measuring as big as 78 square meters will cost as much as P8.6 million.
Greenbelt Madison will feature a 15-meter pool, gym and a grand lobby.
Other projects of Megaworld that are under construction include Greenbelt Chancellor and Greenbelt Excelsior.
Megaworld earlier said it was on track to meet its full-year net profit target of P3.8 billion, almost four times higher than a year earlier.
Its net income in the third quarter rose by more than a fourth to P1.07 billion, the second time in its history to breach the P1-billion mark. — Kristine Jane R. Liu