MANILA – Megaworld Corp. will be turning over P30 billion worth of projects located across three of its townships in Fort Bonifacio, Taguig City this year.
The listed property developer said in a statement Monday that around 2,300 residential units will be handed to their owners within the year. The residential condominiums include The Florence Tower 1, Viceroy East Tower, The Venice-Giovanni Tower in McKinley Hill, St. Moritz Private Estate in McKinley West, and One Uptown Residence, and Uptown Ritz in Uptown Bonifacio.
“This is so far our biggest inventory for turnover in Fort Bonifacio within a year. These projects are primarily located in our three bustling townships where demand for residential projects continues to go up, primarily fueled by the migration of several corporate offices within the Fort district,” Megaworld Senior Vice-President for Sales and Marketing Noli D. Hernandez said in a statement.
Megaworld said all the residential developments are located in prime locations within the rising business district. Projects in McKinley Hill, for instance, are within walking distance from institutions such as Enderun Colleges, Chinese International School, and Korean International School. International firms such as the United Health Group, Wells Fargo, Samsung, and Concentrix also operate in the area.
The condominiums in Uptown Bonifacio on the other hand will have direct access to Megaworld’s lifestyle malls, Uptown Mall and Uptown Parade.
Meanwhile, St. Moritz Private Estate will be the first tower in the McKinley West township.
Megaworld said it is the largest landholder and developer in Fort Bonifacio, with its four integrated townships spanning 107 hectares. Its fourth estate in the area is called Forbes Town, a five-hectare development where Megaworld will be pouring in P15 billion to put up 12 residential towers offering more than 3,500 units.
The four estates in Fort Bonifacio are among the company’s 23 integrated townships across the Philippines. Other townships are Newport City within the state-run Entertainment City in Parañaque, Iloilo Business Park in Mandurriao, Iloilo, and Mactan Newtown in Mactan Island.
Megaworld is the property arm of tycoon Andrew L. Tan’s holding firm, Alliance Global Group, Inc. The conglomerate also has core interests in liquor through Emperador, Inc., gaming through Travellers International Hotels Group, Inc., and quick serviced restaurants through Golden Arches Development Corp.
The firm saw its attributable profit increase by 11% to P9.98 billion in the first nine months of 2017, following a 5.45% climb in revenues to P35.43 billion during the period.
Shares in Megaworld lost seven centavos or 1.43% to close at P4.83 apiece at the stock exchange on Monday. — Arra B. Francia