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Megaworld to invest P10B in Alabang West

By: Daphne J. Magturo | October 27, 2014 11:23 PM

PROPERTY DEVELOPER Megaworld Corp. said on Monday that it will invest P10 billion over the next five years for its Beverly Hills-themed township in Alabang, Muntinlupa City.

AN ARTIST’s rendition of Alabang West, Megaworld’s township project in Muntinlupa City The group’s 15th township, the 62-hectare Alabang West, will have 788 residential lots ranging from 250 to 800 square meters (sq.m.) each.

“Selling price starts at P48,000 per sq.m. and will eventually increase in the next few months,” Mary Rachelle I. Peñaflorida, vice-president of subsidiary Megaworld Global-Estate, Inc., said in a press briefing at the Marriott Hotel in Pasay City.

She added that the company will offer payment terms of 36 months at zero interest, among other items.

Megaworld Senior Vice-President Jericho P. Go said the company envisions the project to be an “investment” for buyers, noting the appreciation in the value of land in their other projects.

The starting price for McKinley Hill was P50,000 per sq.m. when it was launched in 2005, and is now P120,000 per sq.m., according to Megaworld Head of Public Relations and Communications Harold C. Geronimo.

He added that in 2010, McKinley West started at P75,000 per sq.m., and is now P160,000 per sq.m.

“In both instances, there was more than 200% increase in property values,” Mr. Go said.

Alabang West will also have a 1.3-kilometer commercial and retail row which was officially launched on Monday, while turnover for the residential components is due in 2017.

“We expect to sell the majority of the property within six months, based on the pattern we had in other villages in the past,” Mr. Geronimo said.

“We are very market-driven, and we’ve done very well in our Pahara project, prompting us to launch another project,” Mr. Go said.

Pahara is the 26-hectare residential subdivision within Global-Estate Resorts, Inc.’s (GERI) 561-hectare township adjoining parts of Cavite and Laguna.

The company’s net profit for the first six months hit P16.44 billion, from P4.23 billion a year earlier, with P11.62 billion coming from a one-time gain arising from asset sales.

Total revenue, including those of subsidiaries GERI, Empire East Land Holdings, Inc., and Suntrust Properties, Inc., jumped 85% to P31.96 billion.

Megaworld’s portfolio of townships include the 18-hectare Eastwood City in Quezon City; the 25-hectare Newport City in Pasay City; the 34.5-hectare McKinley West, the 50-hectare McKinley Hill, the 15.4-hectare Uptown Bonifacio and five-hectare Forbes Town Center in Fort Bonifacio, Taguig City; the 28.8-hectare The Mactan Newton in Cebu City; the 72-hectare Iloilo Business Park; the 12.3-hectare Woodside City in Pasig City; the 11-hectare Davao Park District; as well as the 35-hectare Suntrust Ecotown in Cavite City; the 150-hectare Boracay Newcoast; and the 1,300-hectare Twin Lakes in Tagaytay City.

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