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Megawide adds FLI’s Zen to new contracts

[ ] November 8, 2011

Megawide Construction Corp. has been awarded a contract to build a condonimum project of Filinvest Land Corp. of the Gontianun family. The project is called Studio Zen Private Dormitel and Residences (Studio Zen) and will have 21 stories.

The project is part of Megawide’s move to diversify its portfolio of projects, heretofore largely anchored on business obtained mostly from the SM Group.

Louie Ferrer, Megawide head of marketing, told Malaya Business Insight that Zen adds up to the list of Filinvest Land projects that have been awarded to the company.

Studio Zen, located along Taft Avenue in Manila, sees students as one of the principal markets. The 21-storey residential edifice offers studio and executive studio units.

Studio Zen is estimated to generate P1 billion in sales for Filinvest Land. The "dormitel" will provide boutiques, cafe, laundry and water refilling station, photocopy shop and convenience store that will be located in the commercial area on the ground floor.

"Residents will be able to find most of their basic needs without having to leave the building," Filinvest Land said.

"Studio Zen will help college students adjust to university life and give them a sense of ownership. This, in turn, encourages the development of a responsible attitude in terms of tending to basic house chores, budgeting allowances, and looking after their own welfare," said Jing Concepcion, first vice president of Filinvest Land.

Studio Zen is accessible to public transport.

"It will be also highly accessible to and from prime schools and universities such as De La Salle University, St. Scholastica’s College Manila, Arellano School of Law and UP Manila as well as major destinations in the metropolis such as the Makati CBD and SM Mall of Asia, and hospitals such as the Philippine General Hospital and Manila Doctors Hospital," it also said.

Studio Zen compliments Filinvest Land’s "The Linear" project, which was also awarded to Megawide recently.

The Linear is a two-tower mixed-use residential and commercial development that will rise on the outskirts of Makati’s central business district.

The two L-shaped Linear residential towers, with 23 floors each, is Filinvest Land’s first high-rise residential project in Metro Manila and is expected to generate P4 billion in sales.

"The Linear is a landmark project, thus, we at FLI are very keen and excited to deliver this project to our buyers as soon as possible," said Concepcion.

Boasting of being a "mere minutes away" from the Makati CBD and very near renowned academic institutions such as Don Bosco College, Assumption College, Mapua Institute of Technology, Centro Escolar University, and Asian Institute of Management, Makati Medical Center and Ospital ng Makati, The Linear "offers professionals, executives and young families a condo home that meets all the demands of fast-paced city living — accessibility, spaciousness, conveniences of daily living, and eco-friendly features that bring nature closer to home," Filinvest Land said.

Tower 1 is slated to top off in 2012, marking the structural completion of the building, while turnover of the units is scheduled for the first half of 2013.

Both towers 1 and 2 had been awarded to Megawide.

In the middle of this year, Megawide announced intentions to bag P5 billion worth of new contracts as it eyes new projects that will help it diversify clientele. Megawide is a major contractor of SM Group’s SM Development Corp., taking as much as 70 percent of residential projects.

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