MEGAWORLD Corp. expects to generate P4 billion in sales from its newest residential tower in its McKinley Hill township in Taguig.
The listed property development said in a statement that it has launched St. Mark Residences, a 23-storey tower that will be among the last residential properties to be launched in the township.
The project will offer 235 units, with the studio layout sized up to 41 square meters (sq.m.); one-bedroom units go up to 66 sq.m.; two-bedroom up to 163 sq.m.; while three-bedrooms are up to 120 sq.m. Each unit will have its own balcony.
“Living in McKinley Hill allows walkable access to the mall and close proximity to and from C5 and the South Luzon Expressway, as well as the Makati central business district via McKinley Road,” Megaworld Senior Vice-President Noli D. Hernandez said in a statement, noting how the tower will be directly connected to Megaworld’s Venice Grand Canal Mall.
Amenities located on the third-level podium will include a clubhouse pavilion, swimming pool, children’s playground, fitness station, mini-theatre, function halls, library, gym with sauna, massage area, badminton courts, and a tennis court.
The property will also feature landscaped gardens such as a meditation garden, sculpture garden, and rock garden.
For additional security, Megaworld will install full radio frequency identification (RFID), access for each unit as well as the elevators.
Megaworld is scheduled to complete the project by 2021.
The tower will rise within McKinley Hill, Megaworld’s 50-hectare township in Fort Bonifacio. It is already home to several residential towers, office towers, schools, foreign embassies, and the McKinley Hill Football Stadium.
Megaworld said about 100,000 workers are employed inside McKinley Hill’s office towers, most of which cater to the information technology and business process outsourcing sectors. Meanwhile, around 15,000 people reside within the estate.
The company currently has 24 townships across the country, which it hopes to bring to 30 by 2020. It is spending P65 billion in capital expenditures for this year to support its expansion.
Bullish on the Philippine economy’s growth, Megaworld has also committed to spend P300 billion from 2020 to 2024 to continue developing residential, office, retail, and hotel projects. Of this, about 65% will be used for residential projects and investment properties. The remaining 35% will be used for land acquisitions.
So far, Megaworld already has 4,700 hectares under its portfolio. It will add another 2,000 hectares by next year.
The company’s net income attributable to the parent climbed 16% to P3.8 billion in the first quarter of 2019, afer a 15% increase in consolidated revenues to P14.9 billion.
Megaworld is the property arm of tycoon Andrew L. Tan’s holding firm, Alliance Global Group, Inc., which also has core investments in gaming, liquor, quick-service restaurants, and infrastructure. — Arra B. Francia