[ Malaya.com.ph ] December 29, 2011
For the first time in the story of property development, a company is constructing an 18-storey all-studio apartment block that Filinvest says is designed to tap the yuppy market.
The contract to build the edifice was awarded to Megawide Corp. The all-studio apartment block is the third contract Filinvest Land awarded to the construction firm. The new tower will rise on the sprawling property bought by Filinvest from the government, which used the asset as a stud farm. The new contract comes a little over a month after the company earned its second contract from Filinvest Land.
Earlier, Megawide won the contract for Filinvest Land’s Studio Zen Private Dormitel and Residences (Studio Zen) along Taft. Ave. and The Linear along South Superhighway in Makati City.
Called Studio City, the project is targeted for yuppies working in areas such as the Northgate Cyberzone and Madrigal Park. Offering a total of 425 units, the project will be built in a 9,535 square meter property and will be themed for relaxation.
Amenities include a grand gazebo, swimming pool, jogging path, landscaped gardens, and open sitting areas, among other amenities.
In November, Megawide was awarded the contract to construct the 21-storey Studio Zen and the two-tower The Linear.
Studio Zen is estimated to generate P1 billion in sales for Filinvest Land through its studio and executive studio suites, and limited retail space.
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.
The Linear, meanwhile, 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.
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.
Oliver Tan, Megawide chief investment strategist, said recenlty the company remains on track to hit its P700 million target income for the full year with a projection that next year would be "a banner year."
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 its clientele.
By next year, Megawide expects to have 19 new contracts to start works with, said Saavedra.
Megawide is a major contractor of SM Group’s SM Development Corp., taking as much as 70 percent of residential projects.