August 16, 2019 | 12:10 am [ bworldonline.com ]
MEGAWORLD Corp. is aiming to generate P12 billion in sales from three residential towers in its Arcovia City township in Pasig City.
The listed property developer said in a statement that it will launch Arcovia Palazzo, a residential complex composed of three towers, namely the 40-storey Altea Tower, 45-storey Benissa Tower, and 49-storey Cantabria Tower.
The entire complex will offer 1,472 residential units sized up to 32 square meters (sq.m.) for studio, up to 46.5 sq.m. for one-bedroom, up to 77 sq.m. for two-bedroom, and up to 193.5 sq.m. for three-bedroom.
The company will likewise sell bi-level units for one-bedroom and two-bedroom configurations, offering up to 107 sq.m. and 139 sq.m., respectively.
Amenities include an infinity pool with pool deck, pavilion, jacuzzi, game room, fitness center, daycare center, outdoor seating lounge, children’s playground, function rooms, and a multipurpose lawn. The towers will also feature retail spaces in the ground level.
Arcovia Palazzo is scheduled to be completed by 2025. It will be the second residential project inside the 12.3-hectare Arcovia City, located along C-5 Road in Pasig City.
Megaworld last year unveiled the 37-storey 18 Avenue de Triomphe, offering 576 units worth a total of P4 billion. It noted that the project is “almost sold out,” and will be completed by 2023.
So far, only commercial establishments are operating in Arcovia City. The township houses a Landers Superstore and the Arcovia Parade commercial area, as well as a 19-meter high arch monument called Arco de Emperador by Spanish sculptor Gines Serran Pagan.
Megaworld will be building a museum next to the arch, in a bid to draw more people into the area.
The company of billionaire Andrew L. Tan has committed to spend P35 billion to develop Arcovia City in a span of 10 years, as it looks to add more office, residential, retail, and lifestyle components in the estate.
This is part of the 24 estates under Megaworld’s network, which is seen to rise to 30 by end-2020.
Megaworld booked a net income attributable to the parent of P4.5 billion in the second quarter of 2019, 15% higher year on year, on the back of a 20% increase in revenues to P16.8 billion.
This pushed the company’s attributable profit 16% higher in the first half to P8.3 billion, with revenues of P31.7 billion. — Arra B. Francia
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