Posted on July 08, 2014 09:55:06 PM [ BusinessWorld Online ]
FOR THE FIRST TIME, Megaworld Corp. will compete in the “ultra high-end” market with the development of luxury residential estates in McKinley West, a 34.5-hectare township in Fort Bonifacio, Taguig City, a vote of confidence that the property boom will continue.
“The demand is there. This is not just based on gut feel or optimism; this is based on research and the number of inquiries we receive. I’m confident that the demand, even for this price point, will be sustainable,” Megaworld Senior Vice-President Noli D. Hernandez said in a press briefing yesterday at the Marriott Hotel in Newport City.
The group also expects demand for its projects to continue for the next two to three years, according to Megaworld Public Relations and Communications Head Harold Geronimo.
The company has earmarked P45 billion for the next 10 years -- more than double the P22 billion originally budgeted for the development of the township.
Targeting the Class A and the Upper Class A of the market, Mr. Hernandez said Megaworld’s “most expensive project so far” will have its own luxury amenities and state-of-the-art security features, but stopped short of disclosing specific price points.
UK architecture firm Broadway Malyan was tapped to design the estates of the township, which is located beside Forbes Park and Manila Polo Club.
“McKinley West’s master plan highlights a luxurious blend of a modern business district and posh residential enclaves. We will live up to the lifestyle that the neighboring Forbes Park also offers,” Mr. Hernandez said.
Next month, the company will launch the initial cluster of estates with 98 units, to be followed by two more clusters “in the coming years.”
McKinley West will also have its own business park with office towers for multinational corporations, as well as commercial and retail buildings, which will be managed by Megaworld Lifestyle Malls.
Construction for the business park is slated to begin next year.
Mr. Geronimo said the rows of estates will be positioned in the “periphery” of McKinley West and will occupy a third of the township’s total land area.
The estates and office towers comprise the second phase of the township, which was first launched in July 2010 and set a record after all 285 lots in McKinley West Village were sold in less than a week.
The village has lots varying from 188 square meters (sq.m.) to close to 400 sq.m., and Mr. Hernandez said their selling price has more than doubled now to P160,000 per sq.m. from P75,000 per sq.m. three years ago.
Over the past 25 years, Megaworld has completed more than 320 residential and office buildings with a total area of around 5.6 million sq.m.
About 185 residential, office and hotel buildings with a total area of around 5.4 million sq.m. are currently under development.
Megaworld shares yesterday lost one centavo or 0.21% to close at P4.72 apiece. -- Daphne J. Magturo