Megaworld to develop 50-story condo tower in Pasig City
Billionaire Andrew Tan’s Megaworld Corp. launched its tallest residential tower in the Arcovia City township project in Pasig City with a planned turnover to buyers set for 2029.
The 50-story Arcovia Parkplace is the developer’s third residential project on the 12.3-hectare estate, which is located along C-5 Road.
Megaworld expects to generate P5.2 billion in sales from the project, which is being rolled out amid the gradual recovery in the property sector.
Recent data from Leechiu Property Consultants showed residential demand in Metro Manila increasing 6 percent in the third quarter of 2022 versus the previous three months.
Property values across the capital were also on the rise, however, most lagged behind their prepandemic prices, the data showed.
The Arcovia Parkplace will have 494 units, including studio units and three-bedroom penthouse-style cuts.
It will also offer amenities as well as roofdeck lounges and sky gardens.
Megaworld said the building will likewise have sustainability features such as sensors for hallway lighting, low flow rate fixtures for faucets in toilets and bathrooms, high energy efficiency rating for the major building equipment, rainwater harvesting and re-use facility, and its own material recovery facility.
The developer said it would roll out the Township Analytics and Technology (TAT) through its own TAT Lab, the first data science lab dedicated to a property development company in Asia.
“For quite some time, developers like us [have been] racing towards the creation of smart cities and our Megaworld TAT Lab will be able to bring us to our vision of making truly ‘smart townships’ especially in the fields of safety and security. We will announce more details about this big project soon,” Francis Viernes, Megaworld head of data analytics, said in a statement.
Megaworld is banking on strong property sales and the continued recovery of its commercial segment to sustain earnings for the year.
Profits from January to June were up 18 percent to P5.9 billion, aided by double-digit growth across all segments.
Real estate sales reached P17 billion, up 26 percent from the same period in 2021.
Reservation sales, an indicator of future revenues, expanded by 38 percent to P51 billion.
Moreover, the office segment saw a 15 percent increase in revenues to P6 billion. This was due to the sustained growth of the IT and business process outsourcing sector, which helped the developer maintain an occupancy rate of 91 percent.
Megaworld’s shopping segment pulled in P1.5 billion in rental earnings, up 41 percent in the first half. Resorts and hotels also posted a 49 percent revenue jump to P1.1 billion.
Megaworld is best known for developing the Eastwood City integrated project in Quezon City around the time of the 1997 East Asian financial crisis.
It had 28 masterplanned communities at the end of the first semester.
These include Newport City in Pasay City (25 hectares); McKinley Hill (50 ha, McKinley West (34.5 ha), Uptown Bonifacio (15.4 ha) and Forbes Town (5 ha) in Taguig City; Lucky Chinatown in Binondo, Manila (3 ha); The Mactan Newtown in Lapu-Lapu City, Cebu (30 ha); Iloilo Business Park in Mandurriao, Iloilo City (72 ha); Boracay Newcoast (150 ha); Twin Lakes in Alfonso, Batangas near Tagaytay (1,300 ha); Southwoods City in the boundaries of Biñan, Laguna and Carmona, Cavite (561 ha); and Davao Park District in Lanang, Davao City (11 ha).
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