MANILA, Philippines – Megaworld Corporation will turn over P30 billion worth of residential projects in Fort Bonifacio, Taguig City throughout 2018, its biggest inventory in a year.
Megaworld told the Philippine Stock Exchange (PSE) that it will deliver to buyers a total of 2,300 residential units from 5 condominium developments within 3 of its township projects.
"This is so far our biggest inventory for turnover in Fort Bonifacio within a year," said Noli Hernandez, senior vice president for sales and marketing of Megaworld. (READ: Amid soaring demand, Megaworld sees P20-B rental income by 2020)
"These projects are primarily located in our 3 bustling townships where demand for residential projects continues to go up, primarily fueled by the migration of several corporate offices within the Fort district," he added.
Residential projects ready for turnover include Florence Tower 1, Viceroy East Tower, and The Venice-Giovanni Tower in McKinley Hill; St Moritz Private Estate in McKinley West; as well as One Uptown Residence and Uptown Ritz in Uptown Bonifacio.
Viceroy East Tower, The Florence, and the Venice Luxury Residences surround the Venice Grand Canal in McKinley Hill.
These 3 residential developments are also within walking distance from educational institutions like Enderun Colleges, Chinese International School, and Korean International School, as well as from several office towers where companies like UnitedHealth Group, Wells Fargo, Samsung, Abbott, and Concentrix hold their operations.
One Uptown Residence and Uptown Ritz, meanwhile, are linked to Uptown Mall and Uptown Parade in Uptown Bonifacio, while St Moritz Private Estate is the first residential tower development to rise in McKinley West.
In 2017, Megaworld delivered 1,000 residential units in the Makati Central Business District (CBD) with a total sales value of P9 billion.
These projects include the 30-storey Paseo Heights and the 50-storey Three Central, both in Salcedo Village.
Megaworld is the largest single landholder and developer in Fort Bonifacio, with 4 integrated urban townships covering a total of 107 hectares – McKinley Hill, McKinley West, Uptown Bonifacio, and Forbes Town.
For 2018 and 2019, Megaworld earlier announced plans to spend P122.5 billion in capital expenditures primarily for the expansion of its residential, office, hotel, and mall businesses as well as for land banking activities. – Rappler.com
Editor's Note: An earlier version of this story stated that all 2,300 condo units for turnover were located at Bonifacio Global City (BGC). Uptown Bonifacio is part of BGC which is within the barangay of Fort Bonifacio, but McKinley Hill and McKinley West are part only of Fort Bonifacio. This has been corrected.