Megaworld, Palanca group to develop residential condo building in Makati

Upscale property developer Megaworld Corp. has signed an agreement with the Palanca family’s CP Group to jointly develop a residential condominium building in the latter’s property in Makati City.

In a disclosure to the Philippine Stock Exchange, Megaworld said the property is located at Palanca St., Legaspi Village.

Under the agreement, Megaworld will oversee the conceptualization, design, construction, financing and marketing of the proposed condominium project while CP will provide the land.

The project is in line with the company’s pioneering “live-work-play” concept which has boosted sales.

Another project of Megaworld in Makati is the 35-story residential condominium building known as Greenbelt Chancellor, estimated to cost  P1 billion. The project will be Megaworld’s first pre-furnished condominium in the Greenbelt commercial center.

Unit prices range from P3 million to P13.4 million.

Megaworld is eyeing a net income of P2.88 billion this year on revenues of P15 billion. Last year, the company registered revenues of P10.3 billion.

Megaworld is a pioneer developer of urban townships, large-scale communities that integrate residential, commercial, educational, leisure and entertainment components. At present, Megaworld has  six townships undergoing development in several locations in Metro Manila, assuring the company of an accelerated growth and revenue record for the coming years.

The company has set aside P12 billion for its various projects this year which include an exclusive low-density residential project called Tuscany Private Estate in McKinley Hill and Eastwood LeGrand, the anchor residential project at Eastwood City’s new Palm District.

Megaworld has launched several phases in existing developments, spurred by strong demand for residential projects. Among these include Phase 2 of the Mckinley Hills which is now 70 percent sold, Manhattan Gardens Tower 2 and Bellagio 4.

Megaworld is targeting to build at least 500,000 square meters of office space over the next five years as it seeks to address the tight supply of premium space for the burgeoning business process outsourcing (BPO) sector.

The company hopes to complete from 200,000 to 250,000 square meters of office space — almost 50 percent of its target — in 2007 and 2008 alone.

The Eastwood City CyberPark in Quezon City, the country’s first information technology (IT) park accredited by the Philippine Economic Zone Authority, remains Megaworld’s foremost supplier of office space. It is home to over 60 firms — half of which belong to the BPO and IT-enabled services sector — and a 15,000-strong workforce.