Megaworld keeps faith in Makati CBD

MANILA, Philippines - Real estate giant Megaworld Corp. is aggressively expanding its residential portfolio in the Makati central business district (CBD) to cater to increasing demand for upscale condominium units.

The company led by property tycoon Andrew Tan, expects its office and residential towers in the country’s financial center to reach 26 in the medium term, executives said.

“In the next five years, Megaworld and its subsidiaries will have 26 towers in Makati City, all within the prime locations of the CBD,” Eugene Lozano, head of sales and marketing of Megaworld, said in a briefing.

“The main driver for the residential demand is the presence of office buildings,” he said.

Megaworld and its subsidiary Empire East currently have 18 residential and office buildings in Makati.

The listed property firm is projecting P12 billion in sales from its four upscale residential projects in Makati.

“Megaworld is aggressively expanding its residential portfolio in Makati CBD,” Lozano said.

The four projects, which will offer 2,000 upscale residential units totaling 8,000 square meters, are Two Central, Three Central and Paseo Heights in Salcedo Village, and Greenbelt Hamilton in Legazpi Village.

Lozano said demand remains robust in  the Makati CBD, particularly from 86 embassies and more than 2,000 local and multinational companies based in the country’s financial capital.

“There is a continuing expansion of multinational companies and growth of the expatriate population in the country,” Lozano said.

“Makati City, especially the CBD area, remains to be the top choice among local and foreign condominium buyers and investors,” he added.

The four upscale residential towers will be completed in the next three to five years. Megaworld said its “super high-end” projects Two Central (sold out), Three Central (86-percent sold) are enjoying brisk demand.

Paseo Heights is 85-percent sold while Greenbelt Hamilton is 65-percent sold.

Moving forward, subsidiary Empire East’s San Lorenzo Place brand will also put up four residential buildings until 2018, allowing Megaworld to hit 26 towers in Makati.