MANILA, Philippines - Megaworld Corp. is launching another phase of its Alabang West project this month following brisk sales and strong demand for residential lots in the upscale village.
Megaworld said it has already generated around P5 billion in sales as Alabang West Village is now almost half-way sold out in less than three months.
Rachelle Peñaflorida, vice president for sales and marketing of Megaworld Global Estate Inc., said the company has already started selling another phase of residential lots due to the fast take-up of the initial two phases introduced during Alabang West’s launch in October last year.
Of the total 788 available lots in the entire village, Peñaflorida said almost half have been sold out from October to December last year.
She said the high demand for lots in the township has been attributed to its good and strategic location in Alabang along with its unique selling proposition and its Beverly Hills-inspired theme.
“Due to the good investment climate in southern Metro Manila, we expect that the remaining available residential lots will be sold out before the first quarter of 2015. We expect land prices in Alabang West to rise by 25 to 30 percent this year from its launch price last year,” Peñaflorida said.
Alabang West is a 62-hectare fully-integrated township located along Daang Hari in Las Piñas City being developed by Megaworld subsidiary Global Estate Resorts Inc. (GERI).
Megaworld is spending P10 billion over the next five years to develop the township that will include a 1.3-kilometer commercial and retail row, inspired by Hollywood’s famous Rodeo Drive.
The township is being groomed as the Beverly Hills of the South through its Hollywood theme that will be offering the best of a commercial and business lifestyle.
Beside the commercial and retail stretch is where the exclusive Alabang West Village, which has 788 residential lots ranging from 250 to 800 square meters, is located.
Megaworld officials earlier said turnover of residential portion of Alabang West is scheduled by 2017, while its commercial and retail component is seen at an earlier date.
“As a world-class township, Alabang West will continue to be the driving force to help boost the economic growth in Southern Metro Manila,” Peñaflorida said.
Alabang West is Megaworld’s 15th township in its portfolio which also includes the 18-hectare Eastwood City in Quezon City, the country’s first cyberpark, and the 25-hectare Newport City in Pasay City, home of Resorts World Manila.