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MEGAWORLD Corp. expects multibillion-peso sales from
the partnership it entered with two Koren real estate companies for
its latest residential tower at the McKinley Hill township project
in Fort Bonifacio Global City.
Megaworld said it has signed an
agreement with real estate and legal consulting companies MSH Inc.
and Philseoul Inc. to attract more Korean investors to set up their
business and residences within McKinley Hill.
Noli Hernandez, Megaworld first
vice president for marketing, told reporters Thursday night that the
company expects P6 billion in pre-sales revenues from the Korean
market to cover almost 1,000 units of The Venice.
Jung KyungSun, MSH president said
the company partnered with Megaworld so it can tap into the
Philippine property market, which it considered the hottest in
Southeast Asia.
“We are confident that
the residential condominium pro-jects like The Venice are highly
attractive investments for Korean markets,” Jung said.
The Venice, which will be
built on a 2.1-hectare site within the 50-hectare McKinley Hill, is
expected to earn sales of P12.5 billion.
Construction of The Venice will
begin next year for completion in the next five to seven years. It
will have seven towers that would integrate with McKinley Hill Town
Center’s Venetian Mall, where the company would build a life-sized
replica of the Grand Canal and the Rialto Bridge.
Average unit prices for the
31-story The Venice are as follows: P3.6 million for a 40.3-square-
meter studio, P6 million for a 66.4-square-meter 1-bedroom unit,
P9.5 million for a 102.6-square-meter 2-bedroom unit and P11 million
for a 3-bedroom unit at 119.5-square-meter.
The latest seven-tower project
follows the soon to be completed McKinley Hill Garden Villas Phase 1
and 2 and McKinley Hill Tuscany Private Estate, which has enjoyed
brisk pre-selling figures.
Other Megaworld residential
condominium projects in McKinley Hill include the three towers of
Stamford Executive Residences and Morgan Executive Suites.
--Darwin G Amojelar
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