Screengrab from www.megaworldcorp.com
MANILA, Philippines—The leisure estate arm of the Andrew Tan-led Megaworld Corp. has rolled out to the property market a new phase of the upscale village Alabang West after generating P5 billion in sales in less than three months after the launch of the first two phases.
In a press statement on Thursday, Megaworld unit Global-Estate Resorts Inc. (GERI) said it has remained bullish on its residential projects in Alabang West, citing brisk sales and strong demand for this high-end horizontal residential development.
Rachelle Peñaflorida, vice president for sales and marketing of Megaworld Global-Estate Inc. said that the group has started selling another phase of residential lots due to the fast take-up of the initial two phases that Alabang West introduced during the launch in October.
Of the total 788 available lots of the entire village, almost half was sold out from October to December 2013.
In October, the group announced its foray into Alabang’s residential property market with a P10-billion investment over the next five years on this 62-hectare new township that pitches a Beverly Hills-themed lifestyle to affluent homebuyers. The lot cuts range from 250 to 800 square meters.
The high demand for Alabang West was attributed by Peñaflorida to the project’s strategic location in Alabang alongside its unique selling proposition and Beverly Hills-inspired theme.
“Due to the good investment climate in southern Metro Manila, we expect that the remaining available residential lots will be sold out before the first quarter of 2015. We expect land prices in Alabang West to rise by 25 to 30 percent this year from its launch price last year,” said Peñaflorida.
During its launch in October, the lots were offered at a starting price of P48,000 per square meter.
Alabang West is envisioned to be a fully integrated posh township located along Daang Hari in Las Piñas City. It will also devote 6,860-square meters of open space for lifestyle amenities in the clubhouse, including badminton and basketball courts, function rooms, cabanas, game room, café and al fresco dining areas, fitness center, pocket gardens, open space parks and an infinity pool.
“As a world-class township, Alabang West will continue to be the driving force to help boost the economic growth in southern Metro Manila,” said Peñaflorida.
Alabang West is the group’s 15th township development.
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