MEGAWORLD Corp. has unveiled a new residential tower that could generate P8 billion in sales in its Fort Bonifacio township, after selling out its first two projects in the area.

The property developer led by tycoon Andrew L. Tan said it launched the third tower of Park McKinley West, which will stand 25 storeys high. The residential condominium offers units ranging from one-bedroom to five-bedroom layouts.

The launch of the third tower comes after the firm sold some P14 billion from Park McKinley West’s first two buildings in less than a year, showing the robust demand for more residential projects within the McKinley West township.

“Today, prices of residential units in Park McKinley West rose to almost P265,000 per square meter compared to P218,000 per square meter when we first launched it a year ago,” Megaworld Senior Vice-President for Sales and Marketing Noli D. Hernandez said in a statement.

Units are sized from 70.5 sq.m for one-bedroom, up to 110 sq.m for two-bedroom, up to 212 sq.m for three-bedroom, up to 229 sq.m for four-bedroom, and up to 336 sq.m for five-bedroom.

Amenities in the tower include a swimming pool with its own pool deck, children’s pool, game and entertainment room, yoga room, outdoor yoga deck, function halls, and a fitness center. It will also host a roof deck garden and skygarden on the 15th floor.

Three levels will be dedicated for parking spaces, while the ground floor will feature retail stores and dining establishments.

Megaworld expects to complete the tower by 2024.

Aside from Park McKinley West, Megaworld is building upscale mid-rise residential projects St. Moritz Private Estate and The Albany within the township. Last month, the company also launched a new tower for The Albany with estimated sales of P3 billion.

It is also developing high-end residential village within the 34.5-hectare McKinley West township located beside upscale residential community Forbes Park and the Manila Polo Club.

McKinley West was launched in 2014 with the goal of targeting high-income customers given its prime location. The company then said it will spend P45 billion to develop the township within 10 years.

This year, Megaworld said it will spend P65 billion to support the property development across its 24 townships. It will invest about 20% of this amount for land acquisition and investment properties.

The company’s net income attributable to the parent grew by 16% to P3.8 billion in the first quarter of 2019, after consolidated revenues also rose 15% to P14.9 billion.

Megaworld is part of Mr. Tan’s holding firm Alliance Global Group, Inc., which also has core interests in liquor, gaming, quick-service restaurants, and infrastructure development. — Arra B. Francia

RELATED ARTICLESMORE FROM AUTHOR