Property firm speeds up dev’t in south

Screengrab from www.megaworldcorp.com

MANILA, Philippines–The leisure estate arm of property tycoon Andrew Tan-led Megaworld Corp. has rolled out the third phase of its upscale village, Alabang West, after the first two phases generated P5 billion in sales less than three months after its launch.

In a statement, Megaworld unit Global-Estate Resorts Inc. said it remained bullish on its residential projects at Alabang West, citing brisk sales and strong demand for the high-end horizontal residential development.

From an initial price of P47,000 per square meter in October, the price rose to P48,500 in December.

Rachelle Peñaflorida, vice president for sales and marketing of Megaworld Global-Estate Inc., said the group had started selling lots under the third phase in view of the fast take-up of the initial two phases.

Beverly Hills

Of the 788 lots in the village, almost half were sold by December.

In October, the group announced its foray into Alabang’s residential property market with a P10-billion investment over the next five years in the 62-hectare township that pitches a Beverly Hills-themed lifestyle to affluent homebuyers. The lots range from 250 to 800 square meters.

“Due to the good investment climate in southern Metro Manila, we expect the remaining residential lots will be sold before the end of the first quarter. We expect land prices in Alabang West to rise by 25 to 30 percent this year from its launch price last year,” Peñaflorida said.

Fully integrated

Alabang West is located along Daang Hari Road in Las Piñas City and is envisioned to be a fully integrated township. It will have a clubhouse, badminton and basketball courts, function rooms, cabanas, game room, café and al fresco dining areas, fitness center, pocket gardens, parks and an infinity pool.

Alabang West is the group’s 15th township development.–Doris C. Dumlao