PROPERTY giant Megaworld Corporation is set to build the second tower of its Fort Bonifacio residential project to meet rising demand for luxury properties in the area.
In a statement on Thursday, Megaworld said it is expanding its St. Moritz Private Estates within the 34.5-hectare McKinley West township in Fort Bonifacio by launching a second tower.
St. Moritz Tower Two will be a nine-storey development and will be built beside the first tower located strategically along Le Grand Avenue, just right outside the McKinley West Village.
The upcoming project will offer 32 private suites ranging from two- to four-bedroom units with sizes of up to 220 square meters.
“The tower will also offer bi-level penthouses equipped with elevators that open to their suites’ own foyer area, keyless access to doors and indoor private pools in each suite,” Megaworld said.
Megaworld noted that the development of the second tower was prompted by rising demand for luxury developments in the Fort Bonifacio area.
“Suites at St. Moritz now value at around P230,000 per square meter, up 21 percent compared to its price two years ago,” the company said.
Megaworld vice president for sales and marketing Rachelle Penaflorida said the company expects property values in the area to further rise in the coming years.
“McKinley West’s strategic location beside Forbes Park and the Manila Polo Club makes it an attractive preference for property investment in the entire Fort Bonifacio,” Penaflorida said. “We expect property prices to even go up in the next two to three years.”
Megaworld said projected sales from the two St. Moritz towers is P3 billion.
Penaflorida said that the first St. Moritz tower was well-received by the top-tier market.
“With the launch of the second tower, we hope to further expand our offerings to the luxury property market,” Penaflorida said.
The property developer said it has commissioned UK-based architectural firm Broadway Malyan to design the St. Moritz residential development.
“All suites will be furnished with top European lifestyle brands, particularly the Philippe Starck collection of Duravit for bathroom fixtures, Liecht for kitchen design, and Bosch for home electronics,” the company said.
St. Moritz tower two is expected to be completed in 2019.
Megaworld is a developer of integrated townships. At present, the developer has a total of 21 townships across the country covering around 3,061 hectares in total land area.
The company reported an 11 percent increase in net income in the first nine months of the year to P9.27 billion from P8.35 billion a year ago on the back of higher rental income.