MANILA, Philippines - Megaworld Corp.
managed to register a 6.9-percent increase in the sales of its high-end
residential properties Fort Bonifacio in the first four months of the year
despite being dragged into the impeachment proceedings against Chief Justice
Renato Corona, according to an executive.
In an interview late Monday, Megaworld
senior vice president for Sales and Marketing Noli D. Hernandez, said
cumulative sales of its high end residential developments in Fort Bonifacio
rose to P4.6 billion during the months of January to May 2012 from P4.3 billion
from January to May 2011.
These are developments in integrated
communities of Bonifacio Global City, McKinley Hill, Forbes Town Center and
McKinley West.
Hernandez attributed the increase in
sales to increased demand by end- users who are usually young professionals and
young businessmen who want to cut transportation cost and effort by living
within communities where they also work.
He said this shows that more people
now have disposable income.
In January, Hernandez represented the
real estate developer in the witness stand in the impeachment court to explain
the P10-million discount given for the Bellagio Tower I Penthouse purchased by
Corona’s wife Cristina.
The price of the unit, which was
originally placed at P24.5 million, was slashed by P5 million because the unit
was “semi-bare” and “water damage” caused by a typhoon. It would therefore be
more expensive to have the unit repaired and returned to the market. Another P5
million price reduction was implemented because the Coronas completed the
payment within a short period of time.
The Bellagio, which is composed of
three towers, is one of Megaworld’s developments in Bonifacio Global City.
At the eve of the handing down of the
decision on the impeachment trial against Corona, Hernandez said that whatever
the outcome of the trial would be, the effect would be “negligible.”
“I think the effect is negligible. If there
are any,” he said. “Life goes on in the business community. It’s not something
that we really spend the night worrying about.”
Megaworld reported total revenues of
P7 billion in the first quarter of 2012 up by 22 percent from P5.7 billion in
2011.
After Hernandez’ testimony at the Senate
there were questions raised on whether real estate developers should conduct a
background check on high-profile clients.
“There is no need for us to do that,” said
Hernandez. “It is a very tedious process and its not something that we want to
subject our buyers to that.”
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