Geri to invest P10B in high-end project
The group of property tycoon Andrew Tan is breaking into Alabang’s residential property market with a P10-billion investment over the next five years on a 62-hectare new township that pitches a Beverly Hills-themed lifestyle to affluent homebuyers.
The project—“Alabang West” —will be the Megaworld group’s 15th township project in the country and will be developed through leisure estate arm Global Estate Resorts Inc. (Geri). This is the group’s first township development in Alabang and its first residential project without any high-rise condominium component.
“We’re putting a premium to exclusivity,” said Megaworld Corp. senior vice president Jericho Go. “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.”
Inspired by the affluent Beverly Hills near Hollywood in Los Angeles, California, two-thirds of the estate will be devoted to the development of a low-density residential enclave, Alabang West Village, seen to cater to the high-end residential market. The township will also have a 1.3-kilometer commercial and retail row, inspired by Hollywood’s famous Rodeo Drive.
The new township will be built on the landbank acquired by the group in 2010 when it took over Fil-Estate Land Inc., which was transformed into Geri.
With the project, the group has brought to the property market 788 lots with cuts ranging from 250 to 800 square meters at a starting price of P48,000 a square meter. This suggests a price range of at least P12 million to P38.4 million to buy a lot in the new Alabang village at this time.
“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 the hustle and bustle of Metro Manila,” said Rachelle Penaflorida, vice president for sales and marketing at Geri.
After a soft launch of the project, Penaflorida said about 150 to 160 lots had been reserved by serious buyers to date. Residential lots are scheduled for turnover at the end of 2017 while the retail development is also targeted to start operations in the same year.
Part of the demand was coming from new generations of long-time wealthy residents in Alabang as well as from a new breed of increasingly affluent people. Doris C. Dumlao
