Kevin L. Tan INQUIRER.net FILE PHOTO
The Megaworld group’s leisure estate arm Global-Estate Resorts Inc. (GERI) has reported a 50-percent increase in capital values at upscale village Alabang West, where residential lots are now being turned over to buyers, three years after launch.
From P47,000 per square meter in November 2014, Alabang West Village lots are now selling for P70,868 per square meter, GERI disclosed to the Philippine Stock Exchange on Thursday.
The entire village – composed of 788 prime residential lots with a combined current value of around P14-billion – is now 90 percent taken up.
“We see property values in Alabang West to even double within five years as we witness this side of Alabang to be growing rapidly,” said Rachelle Peñaflorida, vice president for sales and marketing at Megaworld Global-Estate, Inc.
In 2016, independent research firm Cuervo Far East identified the Southern Manila West Growth Area, which includes Alabang, to experience a remarkable average annual appreciation of property prices by around 10 to 15 percent due to new developments within the area.
Earlier this year, GERI has started the turnover of the residential lots of Alabang West Village as as it also ramps up the development of the 12.3-hectare commercial area inside the the 62- hectare Alabang West township.
To be called Rodeo Drive, the 1.2-kilometer strip will have commercial and retail establishments. A major mixed-use development is also set to rise at the southernmost part of the township.
Within the first half of this year, an expansive Landers Superstore on a two-hectare property within Alabang West will be formally opened. This will be the first Landers store in the southern part of Metro Manila.
“Our vision is to make this area to be the new, exciting side of Alabang. The masterplan shows that the commercial area, which will take inspiration from LA’s Beverly Hills, will further enhance Alabang’s shopping, dining and leisure experience,” said Kevin Tan, senior vice president and head of Megaworld Lifestyle Malls.
Located beside Alabang’s high-end communities and golf course, the township is accessible through major access points in South Luzon Expressway, including Alabang Exit, Filinvest Exit, and the newly-opened Daang Hari Exit.