Megaworld to deliver P9B Makati condo units

Property tycoon and Megaworld founder Andrew L. Tan

Tycoon Andrew Tan-led property developer Megaworld Corp. is poised to turn over to homebuyers P9 billion worth of residential condominium inventory consisting of over 1,000 units in Makati central business district (CBD) this year.

“We have started the turnover process middle of this year and our goal is to complete this at the soonest possible time,” Eugene Em Lozano, first vice president for sales and marketing at Megaworld Makati CBD, said in a press statement on Thursday.

The units to be delivered include those from the 30-storey Paseo Heights and the 50-storey Three Central, both in Salcedo Village in Makati CBD.

Last year, Megaworld turned over around 800 residential units in Makati CBD, consisting of inventory in Two Central and Greenbelt Hamilton Tower 1 projects.

Megaworld has so far delivered around 4,000 residential units from its various condominium projects within Makati CBD. These included units in other Makati CBD residential projects such as: One Central, Paseo Parkview Towers 1 and 2, One Lafayette Square, Two Lafayette Square, The Manhattan Square, The Salcedo Park Towers 1 and 2 – all within Salcedo Village. Others consisted of units in Legazpi Village: Greenbelt Chancellor, Greenbelt Excelsior, Greenbelt Madison, Greenbelt Parkplace and Greenbelt Radissons.

Four more residential towers are currently under construction, namely: Salcedo Skysuites, San Antonio Residence, Greenbelt Hamilton Tower 2 and The Ellis.

Overall, the Megaworld Group – which also includes subsidiary Empire East Land Holdings Inc. – has 30 buildings all over Makati City.

“We continue to look for more opportunities to build more residential properties within Makati CBD because there is still high demand. Rental rates remain high as well,” added Lozano.

Established in 1989 and now one of the biggest developers of township project in the country, Megaworld is valued by the stock market at around P172 billion.