BY KRISTYN NIKA M. LAZO
In four years time, Megaworld Corp. projects total sales of P12 billion from its four towers, which are mostly in the Makati Central Business District (CBD).
Four condominium towers—the Green Hamilton, One Central, Two Central and Three Central—are about 30 to 50 storeys high, which would generally cater to foreign expatriates and investors, business processing outsource (BPO) professionals and the embassy community in the area.
“There is a continuing expansion of multinational companies and growth of the expatriate population in the country, there has been [also]a remarkable increase in the number of BPOs and offshoring companies,” said Eugene Lozano, Megaworld sales and marketing head, referring to the growing demand of high-end residential areas in the Makati CBD.
He added that the four towers, though mostly still under construction, are 65-percent to 75-percent sold out. Megaworld is targeting an additional eight towers that will result in a total of 26 established buildings in the area by 2017.
“At the end of the day, location is key. Condos in Makati CBD definitely provide a higher return of investment if you decide to rent it out or resell in the future compared to those outside the CBD,” Lozano said.
“A lot of foreign expatriates look for bigger units, bigger layouts so we are doing some high-end and some super high-end [buildings],” said Harold Geronimo, director and strategic marketing and communications of Megaworld.
The company said in a statement that it builds residential units mostly in Legazpi and Salcedo Village because “this is what the market demands,” and that the “highest return of investment” are in these areas within the business central.
At present, Megaworld has a total of 18 buildings in the Makati CBD. The company offers high-end units with a maximum price of P120,000 per square meter, with the super high-end above that price.
“We are looking at more opportunities to further expand our portfolio in the Makati CBD by growing our landholding. We will definitely continue to build more residential towers in the financial center,” Lozano said.
The One Central building, among the high-end towers of Megaworld, is expected to open as early as next week.