Category: Megaworld

Megaworld reports fast take up of Makati condos

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The Philippines’ leading property developer, Megaworld, is bullish on Makati Central Business District’s residential market as it reports a “remarkable” take up of its residential units in the country’s premiere financial district in the last three years.

For the past three years, the company has already sold out six residential projects in Makati CBD at an average of just three to six months of selling, namely, One Central, Two Central, Paseo Heights and Salcedo SkySuites in Salcedo Village; and Greenbelt Hamilton 1 and Greenbelt Madison in Legaspi Village. These six projects have a total of 2,346 residential units.

“The good economic condition that the country enjoys since last year is largely felt in Makati CBD. The office spaces are getting filled up and the retail industry is on its all-time high. That is why our residential condominiums, all located in premium addresses, are also on high demand,” admits Eugene Em Lozano, vice president for sales and marketing for Makati CBD, Megaworld.

Megaworld is now one of the biggest residential condominium and office developers in Makati CBD with around 27 office and residential towers in its portfolio in the country’s financial center.

This year, the company is completing Two Central, a 29-storey residential tower along Valero Street in Salcedo Village, with a total of 408 residential units.

To date, construction of the 30-storey Paseo Heights fronting the famous Salcedo Park and the 50-storey Three Central along Valero Street, which will house its own podium mall, is on full-swing. Both towers are expected for completion by 2017 with a total of 992 units.

The first tower of Greenbelt Hamilton, which is near Legazpi Park, on the other hand, is also under construction, and is scheduled for completion next year. The second tower, which is now almost sold out, is up for completion in 2019. Both towers will have a total of 601 units.

The 32-storey Salcedo SkySuites in Salcedo Village, which boasts of the country’s first roof deck heated outdoor infinity pool, is scheduled for completion by 2018 with a total of 241 units.

“Our high-end residential projects are located within the most sought-after addresses in Makati Central Business District. Nothing can beat the location of the center of the CBD which certainly offers the fastest return of your investment,” explains Lozano.

In order to sustain the strong demand for Megaworld properties in the Makati CBD, Megaworld announces that it is set to launch three more residential projects until 2016. The new residential towers will be part of the company’s efforts to increase the portfolio of property developments in the country’s premier financial hub to more than 30 towers by 2016.

“As Makati continues to establish itself as the top location for real estate investment, Megaworld is poised to aggressively expand its residential condominium portfolio in this premiere city,” says Lozano.

Real estate giant to open new malls, commercial centers to meet growing retail demand in townships

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As it aggressively expands its township developments across the country, real estate giant Megaworld announces that the population in its various urban townships is expected to reach at least one million by 2020.

Speaking during the 18th Outstanding Filipino Retailers & Shopping Centers of the Year Award by the Philippine Retailers Association (PRA), Megaworld chairman and CEO Dr. Andrew L. Tan revealed its 20 townships across the country will be home to around 600,000 condominium and village residents and 400,000 business process outsourcing (BPO) and office workers.

“By 2020, we expect to increase our total population by 150% in all of our urban townships, which will reach at least 1-million,” Dr. Tan announced.

At present, Megaworld has around 250,000 residents and 150,000 BPO and office workers in all of its existing townships. The number of BPO workers comprises around 15% of the total BPO population in the country, which now stands at around 1.04 million.

Dr. Tan explained that the increase in population in its mixed-use communities “indicates the opportunities that await the company’s commercial and retail partners.”

Through the years, Megaworld has successfully built malls and commercial centers in each of its townships to primarily cater to the growing communities within its developments. Among its malls and commercial centers include Eastwood Mall, Citywalk 1 & 2 and Cyber & Fashion Mall in Eastwood City; Newport Mall in Newport City; Venice Piazza and Tuscany in McKinley Hill; and Lucky Chinatown in Binondo, Manila, among others. New malls in Uptown Bonifacio and McKinley Hill, both in Fort Bonifacio, are expected to open within the year.

“Condominium residents, for example, need not go far to buy groceries and gifts, or even watch movies. BPO workers, on the other hand, need not take public transportation just to buy food or eat in restaurants. In our communities, everything is just within reach,” said Dr. Tan.

Megaworld started its commercial and retail business when Eastwood City was established in 1999. Recognized as the Philippines’ first urban township and cyberpark, Eastwood City in Bagumbayan, Quezon City is now home to almost 25,000 condominium residents and around 70,000 BPO and office workers. It used to be a 16-hectare township but it expanded its land area last year to meet the growing demand for residential, office and commercial spaces. Today, the township houses more than 500 commercial and retail partners.

The company is replicating the LIVE-WORK-PLAY-LEARN model that it pioneered in Eastwood City to other areas around the country. At present, the Megaworld Group, which also includes its subsidiaries Suntrust Properties, Inc., Empire East Land Holdings, Inc. and Global-Estate Resorts, Inc., has integrated urban township developments in Metro Manila, Cavite, Laguna, Batangas, Cebu, Iloilo, and Davao. The group has recently announced it is further expanding in five more areas: two in Luzon, two in the Visayas, and one in Mindanao within the year.

“More townships mean more jobs and opportunities. From construction to BPOs, from retail and food to small-and-medium enterprises and transportation, our townships help create economic clusters, which in turn, help boost purchasing power and consumerism among Filipinos,” Dr. Tan added.

The company is launching at least 20 new malls and commercial centers in its existing and new townships in the next 5 to 8 years.

“These malls and commercial centers will primarily cater to the residential and BPO communities inside our townships,” said Dr. Tan.

Last year, Megaworld announced that it is spending P230-billion to develop its various existing townships until 2019. This figure is exclusive of the development costs for the new five townships that the company is launching this year.

Recognized for his contribution in “giving retailers premium sites for expansion with ready markets coming from the residential and office components of Megaworld’s developments,” Dr. Tan was given the prestigious PRA President’s Award of the Philippine Retailers Association (PRA) this year. The PRA Board unanimously decided to bestow upon Dr. Tan the title “Pillar of Mixed-Use Developments” as recognition for his pioneering effort in introducing the LIVE-WORK-PLAY-LEARN concept for integrated urban township developments in the Philippines.

Megaworld breaks ground for Salcedo SkySuites

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Megaworld, the country’s leading real estate developer, formally breaks ground for Salcedo SkySuites, a 32-storey residential condominium featuring the country’s first roofdeck heated outdoor infinity pool. Located along H.V. dela Costa in Salcedo Village, Makati, Salcedo SkySuites was sold out in just less than six months after its launch in February last year. Salcedo SkySuites offers units with balconies and garden patios. The tower is expected to be completed in 2018.

Present during the groundbreaking ceremony were (from L to R) Manny Condino of M.A. Condino Construction and Development; Melissa Jarvina, architecture and planning, Megaworld; Roemer Nograles, senior assistant vice-president for project management, Megaworld; Eugene Em Lozano, vice-president for sales and marketing, Megaworld; Rowena Espiritu, sales director, Megaworld; and Alvin Lim, senior sales director, Megaworld.

Kids Join Chinese New Year Celebration at Lucky Chinatown Mall

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Megaworld Lifestyle Malls are becoming more filled with exciting activities for mall goers out there. At this time of the year, the busiest among the Lifestyle Malls is none other than the Lucky Chinatown Mall. Located in Binondo, Lucky Chinatown Mall is at the heart of Metro Manila’s Chinese community where the highlights of festivities related to the Chinese New Year are expected to take place.

Kids pose for the camera along with one of the Chinese lions

Amplifying the festive atmosphere, Lucky Chinatown Mall invited children ages five to ten to be part of an event at the Chinatown Walk. Dressed in traditional Chinese costumes, the kids started the activity by taking part in a group photo session under the Prosperity Tree, where mall visitors may wish for good fortune as a ritual. The children posed for the camera along with plushies of Pao Pao, Lucky Chinatown’s official panda mascot. Pao Pao plushies come with costumes that symbolize the 12 animals of Chinese zodiac. Joining the photo session are two Chinese lions which presented a short performance eventually.

Children in traditional Chinese costumes hold plush toys of Pao Pao, Lucky Chinatown’s official mascot

Amplifying the festive atmosphere, Lucky Chinatown Mall invited children ages five to ten to be part of an event at the Chinatown Walk. Dressed in traditional Chinese costumes, the kids started the activity by taking part in a group photo session under the Prosperity Tree, where mall visitors may wish for good fortune as a ritual. The children posed for the camera along with plushies of Pao Pao, Lucky Chinatown’s official panda mascot. Pao Pao plushies come with costumes that symbolize the 12 animals of Chinese zodiac. Joining the photo session are two Chinese lions which presented a short performance eventually.

Chinese lion dance performance entertained the kids and mall visitors

As part of the activity, the children sounded the Lucky Gong. Another symbol of good fortune for the Year of the Sheep, the soothing sound of the Lucky Gong may calm down one’s mind and soul, resulting in the achievement of inner peace. The kids also created images of the 12 Chinese zodiac animals by painting on sheets of paper over engraved patterns.

One of the 12 animals in Chinese zodiac being drawn during the activity

Visit Megaworld’s Lifestyle Malls to find out other exciting activities and events to be held in line with the Chinese New Year!

Megaworld expands township portfolio across the country

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Property giant Megaworld is aggressively expanding its township portfolio this year. The company, along with its subsidiaries Suntrust Properties, Inc., Empire East Land Holdings, Inc., and Global-Estate Resorts, Inc., is set to launch five new townships: two in Luzon, two in the Visayas and one in Mindanao, with a total land area of around 400 hectares. This will bring Megaworld’s total township land area to 3,100 hectares by year-end.

“With our adequate land bank and landholdings, the Megaworld Group is growing its townships to even more cities all over the Philippines. This means, more exciting destinations, more homes to be built, more office buildings to be offered and more jobs for Filipinos. Our vision is to build more world-class townships in every major city in the Philippines year after year,” says Dr. Andrew L. Tan, chairman and CEO, Megaworld.

These new developments will bring the company’s township portfolio from 15 to 20 by the end of this year. Last year, the company also introduced five townships in its portfolio covering almost 1,000 hectares of land. These include Woodside City in Pasig City (12.3 hectares); Southwoods City in the boundaries of Cavite and Laguna (561 hectares); Davao Park District in Lanang, Davao City (11 hectares); Alabang West in Las Pinas City (62 hectares); and Suntrust Ecotown in Tanza, Cavite (350 hectares).

Other townships include Eastwood City in Quezon City, (18.5 hectares), which holds the distinction of being the country’s first cyberpark; Newport City in Pasay City (25 hectares), which is the home of Resorts World Manila; McKinley Hill (50 hectares), McKinley West (34.5 hectares), Uptown Bonifacio (15.4 hectares), and Forbes Town Center (5 hectares), all in Fort Bonifacio; The Mactan Newtown in Cebu (28.8 hectares); Iloilo Business Park in Mandurriao, Iloilo City (72 hectares); Boracay Newcoast in Boracay Island (150 hectares) and Twin Lakes in Tagaytay (1,300 hectares) of Global-Estate Resorts, Inc. (GERI), a subsidiary of Megaworld.

“We still have more lands to develop in our portfolio. Our various groups are working hard to come up with unique concepts and ideas on how we will create more sustainable communities across the country,” adds Tan.

The Megaworld Group has around 4,000 hectares of land in its portfolio. Around 80 percent have been dedicated for LIVE-WORK-PLAY townships or mixed-use communities, the concept of property development that Megaworld pioneered in the Philippines way back in the 1990s. The townships combine the residential, office, commercial and retail components to form mixed-use communities.