LISTED real estate giant Megaworld Corp. said Monday it is targeting to generate up to P1.5 billion in residential sales from its newest project in Iloilo City, the Saint Dominique condominium tower.
In a disclosure to the Philippine Stock Exchange, Megaworld said it is set to launch Saint Dominique, a 10-story condominium that will rise beside the recently launched Saint Honore project in Mandurriao.
Saint Dominique will be the 7th development in the said province. It will rise as a Parisian-inspired tower composed of eight residential floors with 152 units at sizes ranging from 35 to 79 square meters (sqm).
“We have sold out Saint Honore in just four months since we launched it late last year. Up to now, there is strong interest on this Parisian-themed development so we decided to come up with another tower using the same inspiration,” Iloilo Business Park Vice President for Sales and Marketing Jennifer Palmares-Fong said in the disclosure.
Saint Dominique will have shared recreational amenities with the adjacent tower, including a landscaped atrium, fitness center, indoor spa, game room, day care center, children’s playground, Jacuzzi, swimming pool and pool lounge and a kiddie pool.
“The ground level will still be dedicated to retail shops as the tower becomes part of the stretch of Festive Walk Parade, the envisioned longest dining and retail [street]in the entire VisMin [Visayas and Mindanao] area,” she said.
“This makes Saint Dominique as exciting and promising as Saint Honore,” she added.
Megaworld is targeting to complete Saint Dominique by 2022.
“During the past four years, we have been experiencing strong demand for residential units in Iloilo Business Park. As the demand continues, we are focused on coming up with new concepts and ideas for our projects,” Palmares-Fong said.
“Our goal is to become a game-changer and trendsetter in residential developments here in Iloilo. We give priority to architecture and design.”
Megaworld said its residential projects in Iloilo have been widely received by the residents since it started selling units in 2013.
The first tower of One Madison Place was sold out in just one month, prompting the company to build two more towers that were also sold quickly in just seven months.
The second condominium project, Lafayette Park Square, was launched in early 2014 and was sold out in just eight months. The following year, the company launched the next project, The Palladium, with each of the two residential wings sold out in just seven to eight months. Saint Honore, likewise, was sold out in just four months.
“Since 2013, residential properties in Iloilo Business Park have appreciated at an average of 18.6 percent annually,” the company said.
Megaworld is the property arm of Andrew Tan-led Alliance Global Group, Inc. It holds the operations of tourism estates developer, Global-Estates Resorts Inc.