Megaworld ties up with Korean developer

Upscale property developer Megaworld Corp. has teamed up with Korean real estate development firm DaeMyung Consulting & Realty Corp. to market its residential condominium projects to Korean nationals.

Under the agreement, DaeMyung will be authorized to sell Megaworld’s prime condominium units at Mckinley Hills in Fort Bonifacio — which include Mckinley  Garden Villas, McKinley Hill Tuscany Private Estate, and Stamford Executive Residences as well as units at Manhattan Garden City in Araneta Center, Greenbelt Chancellor and Greenbelt Excelsior in Makati City and Eastwood LeGrand in Eastwood City.

The agreement was signed by Megaworld chairman Andrew Tan and DaeMyung chairman Doo Hee Lee on Sept. 28.

“Among all the potential Korean partners who have approached us, we chose  Mr. Lee’s DaeMyung Consulting because of his reputation, extensive ties with his countrymen and efforts to sustain the development of Korean businesses here in the Philippines,” Megaworld said in a statement.

The marketing tie-up follows the establishment of the Korean Embassy and the  Korean International School in McKinley Hills in the former military complex.

“As a long-time resident and businessman in the Philippines for more than 15 years now, Lee sees the strong potential of Megaworld and the company’s many projects in and around Metro Manila. He was instrumental in the purchase of a 3,000-square meter lot within McKinley Hill for the Korean International School. He also serves as president of the Korean Business Association in the Philippines, VP of the Korean Chamber of Commerce Philippines and president of Hyundai EDSA,” Megaworld said.

Lee said his group would also be marketing Megaworld’s projects in the Korean cities of Seoul and Busan.

Lourdes Clemente, Megaworld senior vice president for finance and administration, said the tie-up is expected to boost sales coming from foreigners. 

She said 20 percent of the company’s total sales currently come from foreigners.

“We needed someone who could converse in Korean with them. DaeMyung will also be doing roadshows for us,” Clemente said.

Clemente said Megaworld is eyeing a net income of P2.9 billion this year from P2.8 billion in 2006, largely due to higher sales from its residential projects.

Megaworld is a pioneer in building urban IT parks, and has committed substantial resources to continue investing in this fast-growing industry which capitalizes on the strength of the country’s rich labor pool.