MANILA, Philippines - Property giant Megaworld Corp. has launched the second residential tower in its 11.2-hectare Davao Park District ahead of schedule due to the strong take-up of the first tower.
Megaworld said the first residential tower of One Lakeshore Drive has already been nearly sold out in less than two months since subsidiary Suntrust Properties Inc. started selling units in the project.
“We are very happy with the overwhelming reception of Davaoeños to our first residential project in Davao Park District. Our experience is far beyond what we have expected,” said Harrison M. Paltongan, president of Suntrust Properties Inc., a wholly-owned subsidiary of Megaworld.
The property powerhouse said it expects at least P2 billion in sales from One Lakeshore Drive this year.
One Lakeshore Drive is a four-tower residential condominium cluster that will rise at the center of Megaworld’s Davao Park District township project.
Each tower will be a 21-story high structure, offering studio, executive studio, one-bedroom, and two-bedroom units.
“Megaworld is ramping up the masterplan of Davao Park District to make living, working and playing in the township a truly world-class and exciting one. Our future residents in One Lakeshore Drive will soon see refreshing concept of mixed-use development and a central business district that only Megaworld can ever build for Davao City,” said Jericho P. Go, senior vice president of Megaworld.
Davao Park District, Megaworld’s first township development in Mindanao, is located in an 11.2-hectare property along the S.P. Dakudao Loop in Lanang. The property used to be known as the Lanang Golf and Country Club.
Davao Park District is envisioned to be Davao City’s central business district and a center for information technology and business process outsourcing in Mindanao.
Megaworld is allocating P15 billion in the next five to seven years to build and develop the township.
The company will also be constructing the P1.2-billion Davao Finance Center within the township envisioned to host Davao’s iconic business tower and is expected to generate around 8,000 jobs.