MEGAWORLD Corp. will be spending P35 billion to develop its township in Pasig City called Arcovia City, launching the first condominium to rise in the property.
Located along C-5 road in Pasig, the 12.3-hectare Arcovia City will offer a mix of office, residential, retail, and lifestyle mall components.
The first residential project is the 18 Avenue de Triomphe, a 37-storey condominium slated to bring in P4 billion in sales. The building will house a total of 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.).
All units at 18 Avenue de Triomphe will have their respective balconies, giving residents a view of Eastwood, Ortigas, Fort Bonifacio, and Antipolo.
Amenities include a swimming pool, children’s playground, outdoor fitness park, game and entertainment room, fitness center, event hall, outdoor lounge, and a viewing deck.
Megaworld expects to complete the project by 2023. 18 Avenue de Triomphe is part of the P80 billion worth of residential projects the company is launching this year, banking on the strong demand from local buyers, overseas Filipino workers, and foreign investors.
At the same time, the listed developer is currently building its first office tower in the township called One Paseo. The 17-storey building will offer around 23,000 sq.m. of leasable office spaces. The company is also set to build a lifestyle mall with its own walk parks, viewing deck, and leisure facilities.
Arcovia City will also feature a museum topped by a monument designed by Spanish sculptor Gines Serran Pagan. The museum is being positioned to be the township’s major attraction, alongside a 62-feet high arch monument inspired by the Arco de la Victoria in Madrid, Spain.
“Our vision for this new township is to inspire the young generation to persevere and work harder to attain their own successes and victories in life. There is a deeper story embedded into this development, and we will tell that story through the installations and attractions around the township,” Megaworld Senior Vice President Kevin Andrew L. Tan said in a statement.
Megaworld has committed to spend P60 billion in capital expenditures this year to support its lineup of projects.
The company delivered a 13% increase to its net income attributable to the parent to P7.25 billion in the first six months of 2018, following a 10% jump in revenues to P26.8 billion.
Megaworld is the property firm of tycoon Andrew L. Tan, who also has investments in liquor, gaming, and quick service restaurants.
Shares in Megaworld ended flat at P4.15 each at the stock exchange on Tuesday. — Arra B. Francia