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Megaworld eyes P12B sales from new Makati condos

Published on Friday, 24 May 2013 00:00
Written by ALBERT CASTRO
Malaya Business News Online - Philippine Business News | Online News Philippines
Megaworld Corp. aims to generate P12 billion in sales from four residential projects it is developing in Makati City targetting what it calls as the “super high-end” market.
These properties—Two Central, Three Central and Paseo Heights in Salcedo Village, and Greenbelt Hamilton in Legazpi Village—are set to rise in the next three to five years, adding an estimated 2,000 brand new units in Makati City’s condominium inventory.
“There is a continuing expansion of multinational companies and growth of the expatriate population in the country. Through the years, there has been a remarkable increase in the number of business process outsourcing (BPO) and offshoring companies,” said Eugene Lozano, Megaworld head of sales and marketing for Makati CBD.
“Thus, the demand for residential condominiums in the Makati CBD remains high. Makati City, especially the CBD area, remains to be the top choice among local and foreign condo buyers and investors,” Lozano added.
Lozano said the four projects registered a strong uptake, with Two Central already sold out. The third tower, Three Central, which is also located on Valero Street and will house the first upscale community mall in Salcedo Village, is now 85 percent sold, he said.
The company said Paseo Heights, another residential tower fronting the famous Salcedo Park, is now 65 percent sold, while another tower which will rise on Legaspi Street in Legazpi Village, Greenbelt Hamilton, is already 75 percent sold.
“Our residential condominiums in Makati,” Lozano said, “are within the prime locations of the central business district, not in the outskirts of the city. So we tell our buyers: why get a Makati condo away from CBD if you can have everything here already.”
This year, the company is completing its 50-storey One Central luxury condominium with a total unit of 708.
To date, the company has a total of 18 buildings around Makati City, mostly in the CBD. By 2017, the total number of buildings by Megaworld is expected to reach 26 in the Makati CBD alone.
“We have built a strong track record as the country’s largest developer in the last two decades. We are looking at more opportunities to further expand our portfolio in the Makati CBD by growing our landholding. We will definitely continue to build more residential towers in the country’s financial center,” said Lozano.
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