Megaworld launches new residential tower in Makati CBD

MANILA, Philippines - Andrew Tan-led property firm Megaworld Corp. is further expanding its footprint in the Makati Central Business District with the launch of a new residential tower, which is estimated to generate P2.1 billion in sales.

The new project, named San Antonio Residence,  wil offer a total of 848 units ranging from 25 square meters to 93 square meters.  It is targeted for completion in 2020.

The 40-story tower will rise along Sen. Gil Puyat Avenue (formerly Buendia Avenue). The project will feature family-oriented lifestyle amenities that include a Parent-Kid B.O.N.D. (Begin, Open, Nurture and Discover) open area, swimming pool, children’s pool, pool deck, dance studio, fitness center, street fitness park, outdoor seating area and function rooms.

Eugene Em Lozano, vice president for sales and marketing of Megaworld Makati CBD Group, Megaworld said there is a continuing demand for condominium units in the financial district.

“The fast take-up of our residential towers in Makati CBD is a clear indication that there is a continuing demand for condominium units in this city. While Megaworld continues to expand its township portfolio across the country, the company remains bullish in Makati CBD as it is already an established, stable, and strong market for our residential offerings,” Lozano said.

Three new high-rise residential projects in Makati CBD that were launched in the last two years, the 30-story Paseo Heights, the 31-story Salcedo SkySuites and the 31-story Greenbelt Hamilton Tower 1, have been sold out in less than six months.

On the other hand, the 32-storey Greenbelt Hamilton Tower 2 and Three Central, on the other hand, are already almost sold out.

“In Makati, location is always key. The demand is on the prime location which is the center of the CBD or within the area around the CBD,” Lozano said.

Last year, Megaworld announced its plan to increase its portfolio of property developments, specifically residential and office towers, it aims to have more than 30 buildings in the Makati CBD by 2016.

Megaworld is spending P20 billion for the construction of 12 new office buildings in three of its four townships in Fort Bonifacio in Taguig.

The new projects would bring its total office space inventory in Fort Bonifacio to more than twice by 2018 to 650,000 square meters from the current 300,000 square meters.

The company started its commercial and retail business when Eastwood City was established in 1999. Recognized as the Philippines’ first urban township and cyberpark, Eastwood is now home to almost 25,000 condominium residents and around 70,000 BPO and office workers.

The township currently houses more than 500 commercial and retail partners.