MEGAWORLD CORP. is building a new condominium tower in Bacolod City that could raise P1.6 billion in sales for the company.

In a statement, Thursday, the property developer said it is planning to launch a 14-storey residential building within its 34-hectare The Upper East township.

The project is set for completion in 2025 and will be the third residential property in the township.

To be called One Manhattan, the tower will have 260 units varying from studio (up to 33 square meters), one bedroom (up to 85 sq. m.), two bedrooms (up to 112 sq. m.) and three bedrooms (up to 153 sq. m.).

The units that have one to three bedrooms will have different layout choices, such as bi-level garden units and loft units with lanai or balcony.

The property will also have amenities such as a wall climbing facility, putting green, mini track oval with gym and outdoor Jacuzzi.

It will likewise feature an exclusive bar and lounge at the roofdeck, a private dining room, adult and kiddie pools, pool deck with an outdoor shower area, game and entertainment room, function hall, reading nooks, outdoor seating areas and an outdoor children’s play area.

“This is our first residential development in Bacolod with more generous unit layouts and sizes, as well as generous unique amenities. Our loft units are first of their kind because we hope to give the best for Bacolod,” said Jennifer Palmares-Fong, Megaworld Bacolod vice-president for sales and marketing, in the statement.

The company noted condominium prices in the township have appreciated by 40% since it opened its first residential project in 2018.

Megaworld’s The Upper East township is planned to be Bacolod’s commercial and business process outsourcing (BPO) district, inspired by New York City’s Upper East Side.

The company is investing P35 billion to develop the township over a 10-year period, which will include building mixed-use commercial centers, residential condominiums, BPO buildings, IT parks, and transportation and retail businesses across the property.

Earnings of Megaworld dipped 9% to P3.5 billion in the first quarter, attributable to the decline of its hotel business whose revenues fell 4% to P551 million.

Shares in Megaworld at the stock exchange slid six centavos or 1.88% to P3.14 each on Thursday. — Denise A. Valdez