Megaworld allots P45 B for BGC project

MANILA, Philippines - Megaworld Corp., the flagship property firm of tycoon Andrew L. Tan, is investing P45 billion on its newest township project in Bonifacio Global City (BGC) that will offer the company’s most expensive residential units to date.

The listed property firm is venturing into the “ultra high-end” housing market through a residential village that will form part of Megaworld’s 10th township development, company officials said yesterday.

In a briefing, Megaworld senior vice-president Noli D. Hernandez said they are developing McKinley West into an “ultra high-end” township on the 34.5-hectare former Joint US Military Assistance Group (JUSMAG) property in Fort Bonifacio.

Megaworld allotted P45 billion in the next 10 years to build a community inspired by modern luxury Europe in McKinley West, located beside South Forbes Park and Manila Polo Club.

“McKinley West’s masterplan highlights a luxurious blend of a modern business district and posh residential enclaves. We will live up to the lifestyle that neighboring Forbes Park also offers,” Hernandez said.

In 2010, the property firm sold out all 285 lots in its exclusive, upscale McKinley West Village in less than a week. From its selling price of P75,000 per square meter (sqm), lots in the upscale village now cost P160,000 per sqm.

Megaworld will launch next month its first residential cluster composed of 98 units.

“The pricing will be definitely higher than any Megaworld product in any other township,” said Harold C. Geronimo, head of Megaworld’s communications group. So far, the company’s priciest residential units are those located in Uptown Bonifacio sold at P160,000 to P165,000 per sqm.

“We are confident that the demand even for this price point is sustainable,” Hernandez said, adding that strong takeup for upscale units will likely continue in the next two to three years.

Aside from the residential village, McKinley West will have rows of luxury residential estates with some properties having their own swimming pools, modern security and luxury amenities. Megaworld tapped UK-based global architectural firm Broadway Malyan to design the luxury estates.

The township project will also feature a business park offering modern office towers as well as commercial and retail buildings, Megaworld said.

With the development of McKinley West, Lawton Avenue, the main road fronting the township, will be expanded to six to eight lanes, in partnership with state-run Bases Conversion and Development Authority.

“With the expansion of Lawton Avenue, we look forward to a more convenient access to BGC, South Luzon Expressway, C5 Road, the Ninoy Aquino International Airport and McKinley Road towards Makati central business district,” Hernandez said.

Megaworld is one of the country’s top residential condominium developer and pioneer of townships such as Eastwood City in Quezon City; Newport City in Pasay City; and McKinley Hill, Uptown Bonifacio and Forbes Town Center in Bonifacio Global City. It is also the top office landlord and developer in the Philippines with around 712,000 sqm of office space inventory.

The property firm has completed more than 320 residential and office buildings with a total area of around 5.6 million sqm. To date, about 185 residential, office and hotel buildings with a total area of around 5.4 million sqm. are under development.

Megaworld is part of Tan’s Alliance Global Group Inc., which is also into liquor (Emperador Inc.) fastfood (McDonald’s franchise operator Golden Arches Development Corp.) and hotels and casino (Travellers International Hotel Group Inc.).