Megaworld continues expansion in Makati

Megaworld Corp., the flagship property developer of tycoon Andrew Tan, is expanding its footprint in the Makati central business district (CBD) on expectations that demand for upscale residential projects will remain robust.

In a briefing on Thursday, Megaworld head of sales and marketing Eugene Lozano said the builder was set to complete four more residential towers that would add 2,000 residential units, with a sales value of P12 billion.

The projects are Two Central, Three Central and Paseo Heights, all in Salcedo Village, and Greenbelt Hamilton in Legazpi Village.

“There is a continuing expansion of multinational companies in the country and growth in the expatriate population,” Lozano said, citing the increase in the number of business process outsourcing companies in the country.

Lozano also said Makati City continued to draw multinational companies looking to set up shop in the Philippines, given its growing profile overseas.

“Thus, the demand for residential condominiums in the Makati CBD remains high. Makati, especially the CBD, remains the top choice among local and foreign condo buyers and investors,” Lozano said.

As it rolls out new projects, Megaworld expects to have 26 residential towers in the Makati CBD, up from the current 18 buildings.

“We are looking at more opportunities to further expand our portfolio in the Makati CBD by growing our landholding. We will definitely continue to build more residential towers in the country’s financial center,” Lozano said.

Megaworld has reported a strong take-up for the four upcoming towers in Makati.

It said Two Central was already sold out while Three Central, which would also house an upscale community mall, was already 85-percent sold. Megaworld added that Paseo Heights was 65-percent sold while Greenbelt Hamilton was 75-percent sold.

Megaworld is a unit of Tan-led holding firm Alliance Global Group Inc., which also has interests in liquor, fast food and gaming.

Megaworld’s share price declined by 2.21 percent to P3.98 per share on Thursday.