Megaworld to build 18,673 homes in 2011
By U.S. News Agency / Asian
Property developer Megaworld Group, in its disclosure to the Philippine Stock Exchange (PSE) on Monday, announced its intentions to roll out at least 18,673 residential units with an aggregate floor area of more than 830,000 square meters in 2011.
Megaworld is composed of high-end property developer Megaworld Corporation and its associates Empire East Land Holdings and Suntrust Properties, which focus on medium-cost and affordable housing, respectively.
“The confidence level in the real estate sector is very high,” Megaworld chair and chief executive officer Andrew Tan said.
“Many investors both here and abroad believe that our country is now moving in the right direction, and we see a surge of investments, especially in infrastructure areas, which will open up more growth opportunities not only for the entire economy but also for the real estate industry,” he added.
“Through our investments in the real estate sector, we in the Megaworld Group are helping thousands of Filipinos experience a better quality of life in homes of their
own. Moreover, the group is helping create wealth for the country by developing the business process outsourcing and tourism sectors as new engines of growth,” Tan emphasized.
Megaworld takes the lion’s share of the P60 billion worth of projects the group plans to launch next year with its own portfolio amounting to more than P41 billion with
around 11,110 units and an aggregate floor area in excess of 372,000 square meters.
The company’s new projects include One Eastwood Avenue in Eastwood City; 81 Newport Boulevard and 101 Newport Boulevard in Newport City; Viceroy Residences and two new towers of The Venice in McKinley Hill; additional towers of
Manhattan Heights and Manhattan Plaza at Manhattan Garden City; Paseo Heights in Makati City; The Palm Bay in Roxas Boulevard; and One Uptown Place at Bonifacio Uptown in Taguig City.
Megaworld also expects to complete more than 600,000 square meters of next generation office space for a business process outsourcing market and additional retail space at its ongoing McKinley Hill, Newport City and CityPlace projects as well as the upcoming Bonifacio Uptown and other projects in Iloilo and Cebu.
This will help the company to grow its rental income to P5 billion by 2012.
Meanwhile, Megaworld’s associates, Empire East Land and Suntrust Properties plan to unveil their own residential projects worth P19 billion in Metro Manila and the fastest-growing centers of Cavite and Laguna next year.
These new projects will have a total of 7,500 residential units with an aggregate floor area of more than 466,000 square meters.
Among the projects to be launched under the Empire East and Suntrust brands are new phases of Little Baguio Terraces, Rochester Park, Maple Tree Villas, San Lorenzo Place, Pioneer Woodlands, Cambridge Village and Suntrust Parkview, all in Metro Manila, in addition to Sonoma and Suntrust Sta. Rosa Heights in Laguna.
“We have never been this bullish on the property sector, and we look forward to continued bright prospects not only in 2011 but long after that,” Tan said.
Megaworld is the developer of five pioneering live-work-play-learn communities in Metro Manila, namely, Eastwood City in Quezon City; McKinley Hill, McKinley West and the upcoming Bonifacio Uptown in Fort Bonifacio;
and Newport City in Pasay City.
When completed, these five mega-communities will be home to around 48,000 families and 202,000 business processing outsource office workers.
Over the last two decades, the Megaworld Group has emerged as the country’s number one real estate organization with more than 200 residential and office buildings completed with a total floor area of around 5.4 million square meters.
The Company is developing Bonifacio Uptown, an approximately 15.5-hectare property in Fort Bonifacio in Taguig, Metro Manila. Bonifacio Uptown is comprised of a residential portion in the northern part of Fort Bonifacio, and a portion for mixed-use on a parcel of land owned by NAPOLCOM. The Company will develop Bonifacio Uptown under a joint venture arrangement
with the BCDA.
Uptown Fort, on the other hand, is a 16-hectare high-density, mixed-use project in the North Bonifacio central business district that extends all the way to Kalayaan Avenue.
Uptown Fort is located near a prime school zone where the British, Japanese and American international schools and various other schools are located. Megaworld will invest at least P25 billion to build the project over the next 12 years.
McKinley West and Uptown Fort bring to more than 100 hectares Megaworld’s total development portfolio in Fort Bonifacio in Taguig City.This will enable the company to build around 1 million square meters of a new generation of BPO office space that will help generate new jobs in the country’s emerging premier central business district.
@Richard24, et al, if you may pls indicate the exact location of One Uptown Place.