New Megaworld condo to generate P5.2-B sales

MEGAWORLD Corp. is targeting to raise P5.2 billion in sales from a new residential condominium project in Sta. Cruz, Manila.

In a statement, the listed property developer said it launched the 34-storey Kingsquare Residence within the San Lazaro Tourism and Business Park.

The residential tower will offer 961 units, composed of studio type, which will span up to 31 square meters (sq.m.); one-bedroom type, which will span up to 46 sq.m.; and two-bedroom type, which will span up to 46 sq.m.

Megaworld said it is bullish on the project as it is located near the University Belt and several hospitals such as the University of Santo Tomas Hospital, Chinese General Hospital and Metropolitan Medical Center.

“This new residential development is perfect for students, teachers, doctors and other professionals, including families who have kids studying within the area. It is very close to schools and universities, hospitals, and soon, a mall that will have a direct connection for residents,” Wilson Sy, first vice-president for sales and marketing in Megaworld Manila, was quoted in the statement as saying.

Megaworld said the project is also located near the Light Rail Transit Line 1 and Philippine National Railways. It is also close to the España Interchange which would link it to the South Luzon Expressway and North Luzon Expressway.

“Everything is just within easy reach, whether you want to go north or south. It is also walkable to downtown Manila via Rizal Avenue (Radial Road 9), and Lacson Avenue (Circumferential Road 2),” Mr. Sy said.

The Kingsquare Residence project is scheduled for completion in 2024.

Megaworld is owned by tycoon Andrew L. Tan and is primarily engaged in real estate development, leasing and marketing.

In the first half of the year, the company saw its attributable net income grow 16% to P8.3 billion, driven by the 20% rise in its revenues to P16.8 billion.

Megaworld is under Mr. Tan’s holding firm Alliance Global Group, Inc., which operates businesses in liquor, gaming, quick-service restaurants and infrastructure development. — Denise A. Valdez


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Tags: Megaworld Condominium Developer