Megaworld Targets P3-B Sales from Upscale Condo

MEGAWORLD Corp. expects to generate P3 billion in sales from its upscale residential project called The Albany Yorkshire Villa in McKinley West, Taguig.

In a statement issued over the weekend, the listed property developer said The Albany Yorkshire Villa will offer 64 suites sized from 121 to 133 square meters (sq.m.) for two-bedroom and three-bedroom units, respectively.

It will also have four-bedroom penthouse units spanning 349 sq.m. each, with three levels of space and its own infinity pool.

“The Albany caters to a niche market of highly-discerning privileged few who want to live in an exclusive community of affluent urban dwellers,” Megaworld Vice-President for Sales and Marketing Mary Rachelle I. Peñaflorida said in a statement.

Megaworld engaged United Kingdom-based architectural firm Broadway Malyan for the project. Broadway Malyan is also the designer of Century City Mall in Makati, as well as other luxury residential projects inside McKinley West.

The company also noted that each unit’s master bedroom will have custom-built walk-in closet and bathtubs. Units are accessible using keycards.

Amenities at The Albany Yorkshire Villa include an infinity pool, children’s pool, in-water lounge deck, pool deck, fitness center, spa, sauna room, kids’ playground, game and entertainment room, function rooms, and outdoor cabanas.

“We carefully planned the entire development to make it a class of its own in Metro Manila’s ultra-luxury residential market,” Ms. Peñaflorida said.

Megaworld expects to complete the project by 2023.

The property firm of tycoon Andrew L. Tan in 2014 said that it will spend P45 billion to develop McKinley West Village for a span of 10 years. The company is targeting the high-income customers for the township, capitalizing on its proximity to upscale residential village Forbes Park.

Megaworld grew its net income attributable to the parent by 16% to P3.8 billion in the first quarter of 2019, after consolidated revenues also surged 15% to P14.9 billion. The company benefited from strong sales from its residential segment and the expansion of its commercial leasing unit.

The company has committed to spend P65 billion in capital expenditures this year to support property development across its 23 townships. About 20% of the budget will also be used for land acquisitions and investment properties.

Megaworld is part of Mr. Tan’s holding firm Alliance Global Group, Inc., which also has core interests in liquor, gaming, quick-service restaurants, and infrastructure development.


Source:
https://www.bworldonline.com/megaworld-targets-p3-b-sales-from-upscale-condo
By Arra B. Francia.
Posted May 20, 2019