MANILA, Philippines — PH1 World Developers Inc., the real estate arm of engineering company Megawide Construction Corp., is expected to pour in about P5.5 billion for the initial phase of its new residential development in Pasig City.
The development will rise in a two-hectare property beside Ayala Malls Feliz.
PH1 assistant vice president for project development Spike Ching said the first phase would be composed of three towers with 500 to 600 units each.
He said the company is targeting over P10 billion in sales for the first phase, which is eyed for completion by 2030.
“This two-hectare property, we wanted to be able to house a lot of people from Pasig and from Marikina. We want to introduce condominium living in this area,” Ching said.
“We will be introducing first in the rear portion of the property a podium type of development. Standing on that podium will be about three towers and will have a mix of studio, one-bedroom and two-bedroom units. They’ll range from 20 square meters for our studio and about 40 square meters for our one-bedroom,” he said.
For the second phase of the project, Ching said the initial plan is for it to have the same density as the first phase.
“It might be a different consideration. It might be two L-type towers. But we are not exactly sure if the density would be the same. We will look at the market and if the take up is good, we might increase it,” he said.
Overall, PH1 president Gigi Alcantara said combined sales value of the two phases could reach between P25 billion and P30 billion.
“The vision of PH1 World Developers has always been to disrupt property norms by delivering extraordinary homes. This project is not an exemption. This will be another example of what extraordinary living truly is,” Alcantara said.
PH1 is focused on the affordable housing segment to address the gaps in the Philippine housing market.
Megawide acquired PH1 from Citicore Holdings Investments Inc. for P5.2 billion last year.