MEGAWORLD Corp. targets to book P1 billion in sales from its first residential project in its Pampanga township, banking on the province’s growth potential in the coming years.
In a statement issued over the weekend, the listed property developer said it has launched Chelsea Parkplace, a 12-storey residential tower offering 193 units.
Studio units are sized up to 31 square meters (sq.m.), while one-bedroom units are up to 45.5 sq.m., and two bedroom units are up to 88 sq.m.
The Andrew L. Tan-led company said the project will take inspiration from New York City’s Upper West Side. Each unit will also have a balcony similar to New York’s apartments, giving residents a view of the township.
Amenities will include an adult and kiddie pool with lounge, indoor and outdoor events halls, fitness center, and a daycare center.
The company expects to complete the project by 2022.
This will be Megaworld’s first residential project inside its 35.6-hectare Capital Town in San Fernando, Pampanga. The company initially launched retail spaces in the area called the Shophouse District last year. With a total of 98 lots up for sale, the firm said it has already sold around 70% as of end-May.
“After selling around 70% of our shophouse lots in Capital Town in just a little over six months, we have experienced a spike on inquiries on residential developments within the township. And so, we launched this project this year in response to the demand,” Megaworld Pampanga First Vice President for Sales and Marketing Eugene Em Lozano said in a statement.
Megaworld said last year that it will be investing around P30 billion over the next ten years to develop Capital Town. The township sits on the site of the former Pampanga Sugar Development Company located near the Pampanga Provincial Capitol.
The company is banking on the number of infrastructure projects to be developed to connect the region to the metro in the future, including the Manila-Clark Railway, a 106-kilometer railway from Manila to New Clark City worth over P300 billion. The government targets to complete the project by 2022.
“With the completion of the Manila-Clark railway where San Fernando will have its own station, it would only take around 30-40 minutes or even less to reach the City of San Fernando from Metro Manila, and less than 10 minutes to and from Clark,” Mr. Lozano said.
Megaworld generated P3.2 billion in net income attributable to equity holders of the parent during the first three months of 2018, 11% higher year on year, following the 10% jump in revenues during the period to P13.1 billion.
The company is the property arm of Mr. Tan’s Alliance Global Group, Inc., which also has interests in liquor through Emperador, Inc., gaming through Travelers International Hotel Group, Inc., and quick service restaurants through Golden Arches Development Corp. — Arra B. Francia
