Megaworld targets P5B in sales from tallest condo in Visayas
MANILA -Property developer Megaworld Corp. is eyeing to rake in P5 billion in sales from its two-tower residential project in Bacolod City, which is slated for completion in 2029.
In a disclosure on Wednesday, the company announced its plan to construct the 26-story Kensington Sky Garden, which is set to become its tallest residential condo in the Visayas.
The condominium project, which will house 643 units, will rise in Megaworld’s 34-hectare The Upper East township.
The real estate company said each unit would be “equipped with a wireless smart home system and devices with WiFi routers that can be accessed remotely using a dedicated phone app for the comfort and convenience of the residents.”
Amenities include adult pool, kiddie pool, pool bar, outdoor fitness area, children’s play area, daycare center, reading nooks and gazebo. A function room with 126-person capacity will also be constructed.
The ground level will house retail spaces while two basement levels will be allocated for parking.
In addition, the project will also have an electric vehicle charging facility as Megaworld expects the influx of electric and hybrid cars. Other green features are a rainwater harvesting system and a materials recovery facility.
Kensington will be the fifth residential project in the township. The other four are One Regis, Two Regis, One Manhattan and Herald Parksuites, which have 1,028 units in total.
READ: Megaworld lines up P60B worth of projects for 2023
Next year, Megaworld is also set to build the 300-room Kingsford Hotel and the Upper East Mall within the township.
In the first half of the year, Megaworld launched P28.2 billion worth of projects. Reservation sales, an indicator of future revenues, grew by 49 percent to P76.1 billion.
Net income during the period climbed by 34 percent to P7.9 billion as total revenues jumped by 17 percent to P32 billion amid improving demand.
READ: Megaworld posts 34% growth in H1 profit
“With increasing demand for residential and commercial properties outside Metro Manila, we have properly positioned ourselves to achieve growth through strategic land banking,” Megaworld chief strategy officer Kevin Tan said previously.
