By Neil Jerome C. Morales (The
Philippine Star) | Updated July 5, 2014 - 12:00am
MANILA, Philippines - Megaworld Corp.,
the flagship pro-perty firm of tycoon Andrew L. Tan, has been generating strong
sales in the residential component of a P10-billion township development south
of Metro Manila, prompting the company to fasttrack the launch of more phases.
Southwoods City’s Pahara, a
residential village inside the 561-hectare township with a golf course, has
been almost sold out barely three months after it was launched, Megaworld said.
“The great location of Southwoods City
is one of the primary reasons that our buyers would tell us why they prefer to
purchase residential lots at Pahara. We have sold out the first phase in just a
month and we are now on our third phase,” said Rachelle Peñaflorida,
vice-president for sales and marketing of Megaworld Global-Estate Inc.
Strong demand and fast takeup of lots
at Pahara pushed the property firm to launch the village’s second and third
phases, six months ahead of their original launch date.
The entire residential village is
almost 75 percent sold, Megaworld said, adding it expects P2 billion in sales
for the entire residential village.
Southwoods City, straddling between
Carmona in Cavite and Binan,Laguna, is the largest fully-integrated township
development of Global-Estate Resorts Inc. (GERI), a unit of Megaworld.
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“Growing population in the south will
increase the demand for real estate, resulting in price appreciation. High
applications for housing licenses demonstrate level of demand for the area,”
said third party analyst Colliers International Research.
Megaworld will take charge of the
design, conceptualization and masterplanning of Southwoods City. It will also
manage the office towers and commercial components of the township.
GERI is set to invest P10 billion to
develop Southwoods City into a bustling district for business and leisure that
maintains its suburban feel in the next 10 years.
Of the 561-hectare property, 376 hectares
were allotted for the residential segment, including the residential village
Pahara. The 26-hectare Pahara consists of 602 available lots ranging from 239
to 523 square meters (sqm), with views of the golf course and Laguna de Bay.
The 125-hectare portion of the
township will be occupied by the Jack Nicklaus-designed Southwoods City Gold
and Country Club, while the remaining 60 hectares are set aside for the
Southwoods Business Park.
Two office buildings offering 20,000
sqm of space for business process outsourcing firms are already in the advanced
planning stage.
Megaworld is one of the country’s top
residential condominium developers and the pioneer of townships such as
Eastwood City in Quezon City; Newport City in Pasay City; and McKinley Hill, Uptown
Bonifacio and Forbes Town Center in Bonifacio Global City. It is also the top
office landlord and developer in the Philippines with around 712,000 sqm of
office space inventory.
GERI and Megaworld are part of Tan’s
Alliance Global Group Inc., which is also into liquor (Emperador Inc.) fastfood
(McDonald’s franchise operator Golden Arches Development Corp.) and hotels and
casino (Travellers International Hotel Group Inc.).
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