MEGAWORLD Corp. expects to generate P1 billion from the sale of lots in the Shophouse District of its San Fernando, Pampanga township, disclosing on Monday that 70% of the available lots have been sold.
The listed property developer said in a statement that since its launch in June 2017, the prices of shophouse lots have already risen by 20%. Prices now range from P12 million to P32 million for the lots covering 276 to 680 square meters.
Megaworld offers a total of 98 lots in the 6.3-hectare Shophouse District. Lot owners may build three-level shophouses, using the ground and second floors for commercial purposes and the third level as a residential unit.
The Shophouse District is expected to feature retail, food and beverage, pet shops, fashion boutiques, outpatient clinics, product showrooms, and boutique hotels.
It noted that up to 40% of the Shophouse district will be allotted to open spaces such as alleys, roads, and easements.
“The core concept and idea of the Shophouse District is to provide a venue for local entrepreneurs of Pampanga and nearby provinces to showcase their products and masterpieces by building their businesses with us,” Megaworld Pampanga First Vice-President for Sales and Marketing Eugene Em Lozano said in a statement.
Megaworld said it will start turning over the lots to owners by the end of 2019. Mr. Lozano also noted that they expect property prices to “even soar higher” as they head toward the project’s completion.
The Shophouse District forms part of Capital Town, Megaworld’s 35.6-hectare township in San Fernando, Pampanga. The company unveiled the project located near the Pampanga Provincial Capitol last year. This is Megaworld’s first integrated project in Central Luzon.
Megaworld will be investing P30 billion over the next 10 years for Capital Town, which stands on what used to be the site of the Pampanga Sugar Development Co.
The company looks to attract business process outsourcing (BPO) companies into the area, as it targets to build office spaces with a gross floor area of 300,000 sq.m. for the BPO industry alone.
Megaworld delivered an 11.3% increase in attributable profit for the first three months of 2018 to P3.2 billion, supported by a 10% climb in revenues to P13.1 billion. The company attributed the growth to its residential and office businesses.
Shares in Megaworld rose four centavos or 0.85% to close at P4.75 apiece on Monday. — Arra B. Francia
