Megaworld’s Greenbelt project 40% sold out

Listed company Megaworld Corp.''s new Greenbelt project is 40-percent sold out, giving the company around P400 million in revenue.

According to Clifford A. Legaspi, assistant vice president for sales, Megaworld is now pre-selling the units which are scheduled for delivery in October 2010. Unit prices range from P3 million to P13.4 million.

Legaspi said the Chancellor is the third condominium project of Megaworld in the Greenbelt area after the Greenbelt Parkplace and Greenbelt Radissons.

Megaworld is investing P1 billion in developing the first pre-furnished condominium. Among the appliances and furniture that buyers can expect to see inside the units of the Greenbelt Chancellor are 21-inch Sony flat screen TV, Sony Home Theater System, cook range and range hood, sofa, dining table set, bed frame with mattress, bedroom closet and kitchen cabinet set.

Legaspi said it will not be cheaper for potential buyers to get the units unfurnished.

"We are taking the idea of convenience to a higher level by making the units pre-furnished. All the buyers and future residents need to do is move in and they will find all their desired appliances and furniture already ideally set up," Legaspi said.

He said they are targeting entrepreneurs, doctors and foreign-based Filipino professionals.

Construction of the condominium, which will rise along Rada St. in Legaspi Village, will start in the fourth quarter. The Greenbelt Chancellor will have its own gym, swimming pool, changing room, function room, and six floors of parking spaces from the 2nd to the 6th floor.

Earlier, Megaworld said its McKinley Hill project in Fort Bonifacio is expected to generate up to P60 billion worth of investments. In the next five to seven years, Megaworld said it expects investors, commercial locators, educational institutions, and embassies to pour in P10 billion for the commercial aspect, P20 billion for the residential component, and P30 billion for the office spaces of McKinley Hill.

The company alone has already committed to investing P12 billion for the construction of BPO offices, P3 billion to develop the retail and mall aspect, and P18 billion for the residential component of McKinley Hill up to 2014.

Megaworld chairman and CEO Andrew Tan said McKinley Hill is the company’s biggest new township project to date. It will have a dozen project elements: single detached homes in McKinley Hill Village; townhouses; a mid-rise condominium called McKinley Hill Garden Villas; BPO offices; high-rise luxury residences; embassies; a college; international schools; a mall; sports amenities; an events venue; and a hotel.