LISTED township developer Global-Estates Resorts, Inc. was able to rack up P12.6 billion in sales from its Alabang West Village project, just over three years upon launching.
In a disclosure, Global-Estates said the 62-hectare upscale development was already 90 percent sold and was now being turned over to buyers.
The village is composed of 788 prime residential lots with sizes ranging from 250 square meters (sqm) to 800 sqm. Combined, the company expects to sell a total of P14 billion worth of units.
Since its launch in 2014, Global-Estates said lot prices have gone up by 50 percent to P70,868 per sqm from the P47,000 per sqm previously.
“We see property values in Alabang West to even double within five years as we witness this side of Alabang to be growing rapidly,” Megaworld Global-Estate Vice President for Sales and Marketing Rachelle Peñaflorida said.
The village alone will have a huge clubhouse complex with amenities including badminton and basketball courts, function rooms, cabanas, game room, café, and al fresco dining areas, a fitness center, pocket gardens, open space parks, infinity pool, among others.
Along with the turnover, the company is ramping up the development of a commercial space called Rodeo Drive, which will sit in a 1.2-kilometer area and will offer rows of commercial and retail establishments. At the southern part of Alabang West Village will also rise a major mixed-use development.
Global-Estates said an expansive Landers Superstore will open on a two-hectare portion within Alabang West to be opened in the first half of 2018. This will be the first Landers store in the southern part of Metro Manila.
“Our vision is to make this area the new, exciting side of Alabang. The master plan shows that the commercial area, which will take inspiration from LA’s Beverly Hills, will further enhance Alabang’s shopping, dining and leisure experience,” Megaworld Lifestyle Malls head Kevin Tan said.
Located beside Alabang’s high-end communities and golf course, the township is accessible through major access points in South Luzon Expressway, including the Alabang Exit, Filinvest Exit, and the newly-opened Daang Hari Exit.