GLOBAL-ESTATE RESORTS, Inc. (GERI) continues to see robust take-up of residential lots in its Alabang West Village township, riding on the positive prospects for developments south of Metro Manila.
In a statement issued Thursday, the leisure arm of Megaworld Corp. said it has sold about 90% of the 788 residential lots inside the estate, valued at around P14 billion. Alabang West Village is the company’s integrated community in Muntinlupa City.
The company noted property values in the 62-hectare township have surged to P70,868 per square meter (sq.m.) from P47,000 per sq.m. at its launch in 2014.
“We see property values in Alabang West to even double within five years as we witness this side of Alabang to be growing rapidly,” Megaworld Global-Estate, Inc. Vice-President for sales and marketing Mary Rachelle I. Peñaflorida said in a statement.
The company cited a study by independent research firm Cuervo Far East which showed property prices in the Southern Manila West Growth Area will register an average annual appreciation of 10-15%.
The Andrew L. Tan-led firm is now turning over residential lots, and has also started construction on the 12.3-hectare commercial area inside the township. Part of Alabang West Village’s commercial properties will be a 1.2-kilometer stretch to be called Rodeo Drive, which will feature rows of commercial and retail establishments.
“Our vision is to make this area to be the new, exciting side of Alabang. The master plan shows that the commercial area, which will take inspiration from LA’s Beverly Hills, will further enhance Alabang’s shopping, dining, and leisure experience,” Megaworld Senior Vice-President Kevin Andrew L. Tan was quoted as saying in a statement.
A Landers Superstore covering two hectares of land is expected to open by the first half of the year.
GERI almost doubled its attributable profit in the first nine months of 2017 to P1.13 billion, against the P666 million it realized in the same period in 2016. Revenues increased by 11% to P4.89 billion during the nine-month period.
Meanwhile, Megaworld’s attributable profit was up 11% in the January to September period to P9.98 billion, boosted by the positive performance of both its residential and office developments. Revenues for the period stood at P35.4 billion.
Shares in GERI climbed four centavos or 3.01% to end at P1.37 apiece, while shares in Megaworld added six centavos or 1.27% to close at P4.80 each at the Philippine Stock Exchange on Thursday. — Arra B. Francia