By Arra B. Francia, Reporter
MEGAWORLD Corp. has sold 60% of the units of its P4-billion residential condominium in Arcovia City, spurring plans to launch two more towers within the township in Pasig City.
The listed property developer unveiled the 18 Avenue de Triomphe in the middle of 2018, and is slated to be the first residential tower to rise in the 12.3-hectare estate along C-5 road.
“Reception has been very good, it’s well received. We’re catering to millennials…60% of the building has already been taken up,” Megaworld Resort Estates, Inc. First Vice-President for Marketing John Angelo Natividad told reporters after the launch of Arcovia’s City’s landmark monument, the Arco de Emperador, late Tuesday.
The 37-storey 18 Avenue de Triomphe will feature 576 residential units ranging from studio sized up to 32.5 square meters (sq.m.), one-bedroom (up to 63 sq.m.), two-bedroom (up to 110.5 sq.m.), and three-bedroom (up to 154 sq.m.). Each unit will also have their own balcony.
Amenities in the tower include a swimming pool, children’s playground, outdoor fitness park, game and entertainment room, fitness center, event hall, outdoor lounge, and a viewing deck.
The company expects to complete the tower by the end of 2022.
Megaworld Executive Vice-President and Chief Strategy Officer Kevin Andrew L. Tan noted that they will be launching two more residential towers in Arcovia City after 18 Avenue de Triomphe.
“For our residential condominium, we have one, the 18 Avenue de Triomphe, and we will be launching two more residential towers after this,” Mr. Tan told reporters after the same event.
“We will be opening the retail area by third quarter, and office building by end of the year,” Mr. Tan added.
Megaworld has committed to spend P35 billion for the development of Arcovia City in a span of 10 years. The township will offer a mix of office, residential, retail, and lifestyle mall components.
Mr. Natividad said that they have seen a healthy balance between the demand for residential and commercial properties in the township. To-date, they have already opened a Landers Superstore in the township.
Standing in the middle of Arcovia City is the Arco de Emperador, a 19-meter high arch monument designed by Spanish sculptor Gines Serran Pagan. The company will also build a museum next to the monument, which will be surrounded by a landscaped plaza with benches.
Megaworld booked a net income attributable to the parent of P11.29 billion in the first nine months of 2018, 13% higher year on year. Revenues also grew by 13% to P41.76 billion in the same period.
Shares in Megaworld dropped 2.69% or 14 centavos to close at P5.06 each at the stock exchange on Wednesday.