MEGAWORLD Corp. targets to book P1.5 billion from the sale of units in its second residential tower within The Upper East township in Bacolod.
In a statement issued Monday, the property firm of tycoon Andrew L. Tan said it has unveiled Two Regis, a 14-storey residential tower at the corner of Regis and Madison Streets of the 34-hectare estate.
Two Regis will offer a mix of studio units sized up to 31.5 square meters (sq.m.), executive studio (up to 37.5 sq.m.), one-bedroom (up to 43.5 sq.m.), and two-bedroom (up to 87 sq.m.). Several units will have their own balconies. The company will also sell units in different size options on Two Regis’ penthouse floor, called the Upper Sky Suites Floor.
The residential tower will feature three Skygardens, two of which will be located on the 12th floor, while the other one is located at the center of the eighth floor.
Other amenities will include a lap pool, kiddie pool, fitness center, daycare center, and function rooms.
Megaworld expects to complete Two Regis in 2023. It will stand next to a lifestyle mall that is currently in the works.
The launch of Two Regis comes six months after Megaworld unveiled its first residential tower in the area, One Regis.
“The overwhelming success of our first residential tower is a clear indication that Bacolod has embraced the convenience of both condo living and township living,” Megaworld Bacolod Vice- President for Sales and Marketing Mary Rachelle I. Peñaflorida said in a statement.
The company said it is now fast-tracking the development of projects inside The Upper East.
“We are fast-tracking the developments inside The Upper East to ensure that our future residents will be able to enjoy the mall, the parks, the hotel, and the other components of the 34-hectare township once they start living in the condo,” Ms. Peñaflorida said.
Megaworld started development of The Upper East back in 2018, and has allocated to spend P35 billion for the project in the next 10 years. The project was inspired by New York City’s Upper East Side district, and will house residential condominiums, lifestyle malls, commercial centers, and office towers, among others
The company’s net income attributable to the parent climbed 13% to P11.29 billion in the first nine months of 2018. Revenues also grew by 13% to P41.76 billion in the same period.
Shares in Megaworld fell by a centavo or 0.19% to close at P5.12 each at the stock exchange on Monday. — Arra B. Francia