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Megaworld allots P10 B for Alabang West

By Richmond S. Mercurio (The Philippine Star) | Updated October 28, 2014 - 12:00am


MANILA, Philippines - Real estate giant Megaworld Corp. is spending P10 billion over the next five years to develop its 15th township project called Alabang West.

Alabang West, a 62-hectare prime property in Las Piñas, will be developed through Megaworld subsidiary Global Estate Resorts Inc. (GERI).

“Soon to rise will be a themed township that highlights the best of Hollywood, specifically Beverly Hills. We envision this development to be the next big thing in Alabang,” said Jericho P. Go, Megaworld senior vice president.

Megaworld’s newest township development will include a 1.3-kilometer commercial and retail row, inspired by Hollywood’s famous Rodeo Drive.

Beside the commercial and retail stretch will be an exclusive Alabang West Village with 788 residential lots ranging from 250 to 800 square meters.

Go said Alabang West will have an “exclusive residential village feel” similar to Megaworld’s previous high-end residential villages such as McKinley Hill and McKinley West villages in Fort Bonifacio, Corinthian Hills in Quezon City and Pahara in Southwoods City.

Megaworld said density of lots per hectare in Alabang West is planned at 14, while some two hectares of land in the entire development being allotted for open spaces.

“The perception now is we have to put a premium on exclusivity that’s why low density connotes more exclusive environment. That’s why it’s good for us that we have Southwoods and we have some properties in Alabang that are close to roads so if we need to put up high density, we can put it up in those areas. So here, we maintain high density and more exclusivity so there’s a product differentiation,” Go said.

Rachelle Penaflorida, vice president for sales and marketing of Megaworld Global-Estate Inc., said initial price for the residential lots in Alabang West would start at P48,000 per square meter and is bound to increase in the succeeding weeks.

Of the 788 residential lots to be offered, Penaflorida said 150 to 160 lots has already been reserved to date, mostly from buyers of its previous projects such as McKinley Hill and McKinley West villages.

“We have a very huge demand in terms of submission of letter of intents,” said Penaflorida, adding that such clamor stemmed from the phenomenal track record of Megaworld’s previous township projects.

The remaining residential lots are expected to be fully sold within six months to one year based on the pattern the company had experienced in its previous village developments.

Megaworld officials said turnover of the residential portion of Alabang West is scheduled in 2017, while the commercial and retail component is likely to be turned over at an earlier date.

“Alabang West Village will be a posh neighborhood that is distinctly Alabang inspired by the glitz and glamour of Hollywood’s Beverly Hills. This is a perfect haven to those seeking the cosmopolitan vibe away from hustle and bustle of Metro Manila,” Penaflorida said.

Megaworld said Alabang West is conveniently accessible through the major access points of the South Luzon Expressway-Alabang Exit and the upcoming Daang Hari Exit.

“Its close proximity allows everyone to move around the Metro within minutes and easily access the major business districts of Makati and Fort Bonifacio,” Megaworld said.

Megaworld’s other township developments in its portfolio are the 18-hectare Eastwood City in Quezon City, the country’s first cyberpark; 25-hectare Newport City in Pasay City, home of Resorts World Manila; 15.4-hectare Uptown Bonifacio and 5-hectare Forbes Town Center in Fort Bonifacio, among others.

Outside Luzon, it has the 28.8-hectare Mactan Newtown in Cebu, the 72-hectare Iloilo Business Park in Iloilo, 150-hectare Boracay Newcoast in Boracay Island, and 11-hectare Davao Park District in Davao.

SOURCE: http://www.philstar.com/business/2014/10/28/1385077/megaworld-allots-p10-b-alabang-west
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