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Beverly Hills meets Alabang in Megaworld's latest township project

By: Krista Angela M. Montealegre, InterAksyon.com | October 27, 2014 1:59 PM


MANILA – Megaworld Corp has launched a Beverly Hills-themed township development in Alabang. In a briefing on Monday, Megaworld senior vice president Jericho P. Go said the company, through Global Estate Resorts Inc, is pouring P10 billion in the next five years to develop the 62-hectare Alabang West, its 15th township project in the country.

Located along Daang Hari, Megaworld will incorporate a Beverly Hills-themed lifestyle concept into its commercial and residential developments.

Alabang West will house an exclusive village offering 788 lots starting at P48,000 per square meter. Of the total number of lots, 150-160 lots were already taken up, said Megaworld Global Estate Inc vice president for sales and marketing Mary Rachelle I. Penaflorida.

Owned by billionaire Andrew Tan, Megaworld expects to sell out the lots ranging from 244 to 795 hectares in Alabang West in the next 6-12 months.

The Megaworld Group is looking at Alabang as the next business district, where land values are considerably cheaper compared to Bonifacio Global City.

"The demand is quite high because our track record is very phenomenal," Penaflorida said.

Megaworld started selling projects in McKinley Hill and McKinley West in Fort Bonifacio at P50,000 per square meter in 2005 and P75,000 per square meter in 2010. Current prices in those projects have grown significantly to P120,000 per square meter and P160,000 per square meter, respectively.

Despite rising interest rates, Megaworld continues to be upbeat on its outlook for the real estate sector because of its sizable land bank in accessible locations.

"Prospects are very bright for Megaworld and our affiliated companies. We are very market-driven. We probably would have thought a little more if we did not very well in Pahara, but we did very well in Pahara so we were encouraged to launch more projects," Go said.

Go was referring to Southwoods City's Pahara project, which is almost 90 percent sold since its launch in February this year. Lots in Pahara are now selling at an average of P19,000 per square meter from the initial selling price of P14,000 per square meter.

Located beside Alabang West Village is a 1.3-kilometer commercial and retail row, inspired by Hollwood’s famous Rodeo Drive.

The village will have a huge clubhouse complex with amenities that include badminton and basketball courts, function rooms, cabanas, game room, café and al fresco dining areas, a fitness center, pocket gardens, open space parks, infinity pool, among others.

Strategically located at the heart of Alabang’s high-end communities and golf course, Alabang West is accessible through the major access points of the South Luzon Expressway-Alabang Exit and the upcoming Daang Hari Exit.

SOURCE: http://interaksyon.com/business/98032/beverly-hills-meets-alabang-in-megaworlds-latest-township-project
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