MEGAWORLD CORP. is set to complete the turnover of P9 billion worth of residential condominium units inside the Makati Central Business District (CBD) this year.
In a statement issued Thursday, the property developer led by tycoon Andrew L. Tan said this is equivalent to over 1,000 residential units in the country’s largest business district.
“We have started the turnover process middle of this year and our goal is to complete this at the soonest possible time,” Megaworld First Vice-President for Sales and Marketing for Makati CBD Eugene Em Lozano was quoted as saying in a statement.
Among the projects slated for turnover this year are the 30-storey Paseo Heights and the 50-storey Three Central, both located in Salcedo Village.
Last year, the listed firm turned over more than 800 residential units from its Two Central and Greenbelt Hamilton Tower 1 projects in Makati CBD.
These form part of around 4,000 residential units Megaworld has built in Makati. Some of the company’s projects are One Central, Paseo Parkview Towers 1 and 2, One Lafayette Square, Two Lafayette Square, The Manhattan Square, the Salcedo Park Towers 1 and 2 Greenbelt Chancellor, Greenbelt Excelsior, Greenbelt Madison, Greenbelt Parkplace, and Greenbelt Radisson.
“We continue to look for more opportunities to build more residential properties within Makati CBD because there is still high demand. Rental rates remain high as well,” Mr. Lozano said.
In a report by Colliers International for the second quarter, the real estate consultancy said Makati CBD commanded the second highest rental rates for prime three-bedroom residential units, with each square meter priced at P818 per month.
Megaworld is constructing four more residential towers in Makati, namely Salcedo Skysuites, San Antonio Residence, Greenbelt Hamilton Tower 2, and The Ellis.
The property developer’s attributable profit climbed 10.8% to P6.4 billion in the first six months of 2017, as the sales take-up of its office developments pushed revenues to P23.24 billion during the same period.
Shares in Megaworld went up 6.94% or 37 centavos to P5.70 each on Thursday. – Arra B. Francia