MANILA, Philippines — After posting double-digit growth in the first quarter, prices of prime residential property in Metro Manila are expected to stabilize amid the coronavirus pandemic, according to real estate consultancy firm Santos Knight Frank.
Jan Custodio, senior director for research and consultancy at Santos Knight Frank, said in an email prices of prime residential property are expected to remain steady.
“Developers still remain confident that they can hold out at this price due to the quality and value of their projects,” he said.
He said developers usually set aside some units which they can put on hold for a long period time for some of their targeted buyers.
As for buyers, he said those who have already purchased are unlikely to sell their property as most of them are not in dire need of cash.
“They may consider selling if the offer is too good to refuse,” he said.
Manila topped Knight Frank’s Prime Global Cities Index for the first quarter as it posted the strongest growth in luxury residential property prices.
Released earlier this month, the index showed Manila placed first in the list of 46 cities as it registered a 15.3 percent increase in luxury residential property prices in the first quarter from the same period last year.
Compared to the previous quarter or the last quarter of 2019, prices in Manila went up by 10.2 percent in the first quarter.
Custodio said selling prices for the prime residential property in Metro Manila were taken just before the government imposed the enhanced community quarantine.
During that time, he said prices were still following their normal trajectory of around 10 percent per annum.
“Most of the prime residential properties launched in 2019 have been sold out, which in a way sets the stage for the price increase given the strong demand,” he said.
He said those actively selling prime residential properties in the first quarter were the beneficiaries as they capitalized on those who missed out in acquiring property last year, and on those who wanted to continue acquiring.
“This would indicate that prime residential property here in the Philippines is still a safe investment as it provides value for money. Most likely, those who have invested in this segment are highly liquid and seized this opportunity to acquire,” he said.
The Philippine Star - May 26, 2020
As the number of coronavirus disease 2019 (Covid-19) cases around the world continues to rise and the global economy is suffering substantial losses as a result, investors are starting to wonder how their investments would fare in the face of this pandemic.
For many, the current situation does not offer good news. Global markets have been taking massive hits over the past weeks, and huge sectors of the economy are now seeing their market values plunge. Big businesses, such as those in the travel and hospitality industries, have suffered major setbacks that would take years to recover from, and the stock market is seeing a lot of investors selling their stocks at a loss in the hopes of recovering their investments.
Well, what about the real estate industry? The truth is, all industries have taken a blow due to the pandemic, but that doesn’t mean real estate investors like you should start panicking.
Instead of panicking, this crisis period is the time for you to plan and strategize based on current market trends.
Now, with most of the population’s movement restricted and a lot of brick-and-mortar stores closed due to the lockdowns, demand for online items has skyrocketed. Businesses that have not gone online before the pandemic are now scrambling to build their online presence and stay in the competition, fast-tracking the market shift toward electronic commerce (e-commerce).
But what does it mean for you as a real estate investor? if this trend toward e-commerce continues, there would be a drop in demand for commercial spaces. Now that you know that this is a distinct possibility, it would be best for you to start investing in industrial spaces. Once more and more businesses start hitting the online market, business owners are going to need more warehouse space for their items. They would need more manufacturing space for their products as their businesses go global. So if this trend continues, industrial spaces are among the most promising assets you can invest in, as property values for this type of space are bound to skyrocket and yield a high return on investment (ROI).
The second thing you need to understand at this point in the crisis is that the current economic slowdown would not necessarily affect your current ROI from your property investments. This is because diversification of your real estate investments can produce income streams that are not dependent on the country’s gross domestic product. Rental income is a good example.
In fact, did you know that rental income actually makes up half of total real estate investment returns? Property values may be affected at this point, but if you have leased your properties, fluctuating property values should not pose a big problem for you anytime soon. This is especially true if you have long-term lessees, such as for your office buildings or other commercial spaces. So if you have this income stream, you are most likely to survive this economic downturn, even if stock prices are crashing at record levels.
The third thing you need to understand is that real estate investments are more stable than other forms of investments that are on the high-risk side. An example of a volatile form of investment would be stocks. Current events dictate much of stock market values, which is why global hysteria over the pandemic has caused the global market to become a bear market.
Property values, on the other hand, are more stable and are dependent on factors other than the current economic situation. For example, property values can increase based on expectation of economic growth. And since property investments offer a diversified income stream, there’s no need for you to start liquidating your real estate assets out of panic. You can continue earning from your investment while avoiding unnecessary losses and expenses.
So what will happen to your real estate portfolio during this pandemic? Well, it might not perform the way it’s expected to, but property markets will eventually bounce back. In the meantime, you can take advantage of the economic downturn to continue investing in promising assets that you can now acquire at reduced prices. And since a lot of businesses and clients are transitioning online, it’s only logical for real estate investors like you to take advantage of this trend. For example, you can show your properties to prospective clients virtually, without leaving the safety of your home.
The fact remains that only those who are quick enough to adapt to the changes in the market can survive in the industry. By foreseeing the demands for commercial, industrial, and residential spaces, you can stay ahead of your competition and make calculated property investments that will yield the highest returns in the long run.
Posted by Mr. Richard Carvajal of The Manila Times on May 24, 2020
#newnorm #nownorm #realestate #megaworld
It’s the new benchmark for high-rise living.
While towering residential condominium buildings and massive mixed-use complexes have become a common sight in most major cities in the Philippines and in many cosmopolitan urban centers elsewhere in the world, vertical cities are proving to be the new norm, further raising the modern living standards to provide a more conducive community for both residents and locators.
But not all mixed use projects can lay claim to having a truly vertical city.
Beyond being a mere dense cluster of concrete towers that share a common space, a vertical city should be designed primarily with its residents and locators in mind, which meant offering better efficiencies in the use of space, adequate open spaces with greenery to provide the community common areas viable for interaction and bonding, a new level of convenience through improved connectivity across all components of the township, proximity to transport nodes and key institutions, design aesthetics that would complement and enhance the city skyline, as well as smart, sustainable features to future-proof the township.
Such features aptly define Uptown Bonifacio, which is shaping up to be the local archetype of a vertical city. This was a practical move for property giant Megaworld Corp. as the 15.4-ha township would have, on any given day, some 50,000 workers, 60,000 mall goers and about 3,000 residents within its vicinity, thus making connectivity even more important.
“When you have so many people under one roof, you need to have good platforms of connections to efficiently manage the volume of people. We don’t want hundreds of people crossing the road at the same time for instance,” Megaworld chief strategy officer Kevin Andrew L. Tan explained.
Efficient connectivity is indeed crucial for the award-winning Uptown Bonifacio, as it has four luxury residential towers (One Uptown Residence, Uptown Ritz, Uptown Parksuites, and Uptown Arts Residence); the five-level Uptown Mall which is home to international luxury brands; Uptown Parade, a 25,000-sqm strip that houses the biggest nightlife destination in the country—The Palace—as well as an eclectic mix of specialty restaurants serving international cuisines; and modern office towers including the 20-storey Alliance Global Tower, the headquarters of the Alliance Global Group Inc.
Megaworld clearly raised the bar anew for this township as it created an elaborate network of bridges, underground passages, and elevated walkways that do not only offer utmost convenience to residents, office workers and visitors, but more importantly, provide adequate breathing space to really live, work, and play—the very essence of all Megaworld townships. Soon, the township will also be connected got a skytrain and a subway, once these key public infrastructure projects are completed.
“The biggest benefit here would be the seamless interconnection to and from the various components of this township. We have carefully designed the make-up of Uptown Bonifacio taking into consideration the ideas of comfort, mobility, and free-flowing access,” Tan explained. “We also took into the consideration the underground airconditioned link for residences so they can walk to the mall without getting wet or enduring the heat. These ideas truly help us promote walkability around the entire township, good health, and sustainable living.”
The key here, he added, is connection and walkability. The mall in itself is the center of it all as it houses everything you need—dining options, two groceries, drugstores, appliance stores, lifestyle brands, clothing, shoes, cosmetics, services. There are also medical facilities, gyms, salons, and dental clinic all under one roof and connected to each other.
Tan admitted that there are challenges that come with creating a vertical city.
He pointed out that a lot of engineering and architectural ingenuity must come into the picture. Among these challenges was how they can efficiently circulate people and how to manage the back of the house or what the eyes can’t see. Designing Uptown’s infrastructure was likewise crucial. Since many of their buildings are LEED certified, all sustainable features—such as waste management, rooftop gardens, solar power, among others—should be incorporated in the planning.
But this is the only way to go, Tan stressed, especially in a place like Bonifacio Global City where land is scarce and expensive.
According to Tan, connectivity is one of the pillars of their live-work-play concept, which brings together key components that fit today’s cosmopolitan lifestyle. This recognizes a growing demand from people wanting to live where they work, and to dine, shop, and do everything within the same space. And Uptown Bonifacio is one vertical community that promotes a lot of interaction with different people through the different common spaces it has provided.
“The spaces that we have created here define the relationships of people within this community. It has now become a melting pot of different people, from different backgrounds, places, people with different purpose. It has become an active community, which is synergistic in nature. People learn from each other as they interact with one other. You can go to the park, you can watch a concert or a show, and you can go to quirky spaces. It’s an inclusive community where people come together for different purposes at different times of the day,” he further said.
Uptown is also home to spaces where people can share ideas. US-based WeWork has set up within this township, offering shared workspaces for technology startup subculture communities, and services for entrepreneurs, freelancers, and startups.
“Although we build so much, we still want people to feel that the community is not dense. We put a lot of design elements and countless hours of studying to make sure that every corner of our spaces here feels very relaxed,” he added.
Tan admitted that they have really pushed themselves to see how far they can go in creating such a synergistic vertical community as Uptown Bonifacio. This township, in fact, was awarded Best Township Development at the 2019 Philippines Property Awards, while the 45-storey Uptown Arts Residence bagged the Best Luxury Condo Interior Design award.
Despite the difficulties, Tan said they are looking to replicate this model in the urban townships they will create, especially in the city centers where mass transit will be crucial and demand for offices is high.
“We believe we can do an even better version of this later on, and connect more components like schools, hospitals, museums, and many more, in our townships. There are so many things we can connect into this model, and it’s something that we are continuing to develop,” Tan concluded.
Posted July 13, 2019 03:15AM,
Written by Amy R. Remo of Philippine Daily Inquirer
GOING BEYOND MEGA STRUCTURES
It was a simple vision that turned into a legacy more profound, far-reaching and heartfelt than one can ever measure.
Thirty years since its inception, Megaworld Corp. has rightfully emerged as a property giant, with self-made tycoon Dr. Andrew L. Tan at the helm of this impressive success story. From its humble beginnings that took off with the launch of Eastwood City, its first live-work-play township, Megaworld takes pride on how far it has gone, becoming the most awarded real estate developer in the country today.
It took that simple dream of providing quality homes and lifestyles to more Filipinos and transformed it to a new and more inclusive overarching vision that sees Megaworld townships of the future further uplifting lives, having a bigger impact on the society, and helping shape the nation.
EVOLVING THE LANDSCAPE
Today, the trailblazer has emerged even stronger, better and well ahead of its game, bringing its wealth of experience and expertise aptly honed over the past 30 years to more promising locations outside the main urban centers.
“Our company is strategically taking the township lifestyle into more locations in the Philippines. Today, the Megaworld Group is present in over 30 cities across the country. In these cities, we consistently launch new projects to infuse new value and evolve the landscape so it always stays vibrant, relevant and meaningful,” said the Megaworld founder and chairman.
As of end 2018, Megaworld has 24 sprawling, thriving townships with its pioneering, oftpraised live-work-play concept; a massive 4,688 hectares in land bank in key locations; 696 holistic residential developments that have helped enhance the lifestyles of its residents; 63 premium grade office towers with gross leasable space of 1.2 million sqm; 700,000 sqm filled with well curated array of retail, dining and entertainment choices spread across 19 Megaworld Lifestyle Malls; and nine premium hotels, with 2,554 hotel keys.
Such an impressive roster of achievements, which further cemented the company’s strong leadership in the market, has long caught the eye of many reputable award-giving bodies, both from here and abroad, enabling Megaworld to earn prestigious accolades that speak well of its staunch commitment to excellence and innovation.
In 2018 alone, Megaworld’s significant contributions to helping reshape the urban and rural landscapes allowed it to achieve an exceptional feat—a total of 102 distinct awards, 40 percent of which were conferred in esteemed international tilts. Seven of these citations meanwhile named Megaworld as the Best or Outstanding Developer of the Year—a milestone that seem to fittingly set the positive tone for the future of the company.
But there is another side to this success story, another face that goes way beyond all these remarkable, whopping numbers, and countless accolades from prestigious tilts.
What Megaworld has essentially created in the last 30 years is a powerful ripple effect that continues to resonate in the lives of many Filipino workers and families, cities and municipalities, industries, the economy, and the country as a whole even to this day.
It has, without a doubt, become a catalyst for growth, transforming pockets of idle land into bustling districts humming with much energy and life. Megaworld has lived to see its vision soundly fulfilled—that it uplifts lives, impacts the society, and becomes a crucial partner in nation-building—and in the process, creating a legacy for the future generations to appreciate.
From its first township that is Eastwood City, Megaworld has touched the lives of many Filipino families in more ways than one, affording them with enhanced lifestyles through premium residential condominiums that are just a few minutes’ walk away from everything they Most awarded Filipino real estate firm moves forward to help shape the Philippines need. These enclaves offer a life that is centered on ease and convenience, serving as healthy and conducive sanctuaries that allow residents to foster ties and further nurture relationships within a safe and secure self-contained community.
These townships, touted as living landscapes, offered residents a piece of the world’s most renowned cities such as those in Europe and the United States, while still retaining a uniquely local flavor that pays homage to the country’s rich heritage and culture.
For instance, one township showcases the vineyard tradition of Italy, another exudes the cosmopolitan vibe of New York City, while an upcoming one has the country’s tallest bronze monument which is reminiscent of Madrid’s Arco de la Victoria and Paris’ Arc de Triomphe. Heritage museums are either planned or are already up in several of Megaworld’s townships— one promoting Ilonggo arts, customs, and traditions, another showcasing the rich culture and history of Binondo.
Within these townships are exciting retail strips and shopping malls that bring internationally renowned names, world class amenities and experiences while celebrating the finest that homegrown brands can offer.
Megaworld Lifestyle Malls has given residents, office workers and other guests a wide yet curated selection of the best—from retail, dining, to entertainment. And it continues to evolve with the newer malls becoming eye catching architectural marvels with state-of-theart facilities that bring one’s shopping and dining experience to a whole new level—case in point is the 90,000-sqm Festive Walk Iloilo, the first full-scale lifestyle mall in Western Visayas.
Multinational companies and local businesses found a home in Megaworld townships as well. As the country’s largest developer and landlord of office spaces, Megaworld has allowed not only companies, but more notably industries, to thrive, playing a crucial role as an enabler of growth.
Such was the case with the business process outsourcing (BPO) industry, which found its first home in Eastwood, dubbed as the country’s first cybercity that was accredited by the Philippine Economic Zone Authority (Peza). It was here that the industry eventually thrived before it developed into one of the country’s primary economic growth drivers, generating an estimated revenue of about $24.5 billion to $24.8 billion last year.
Since then, Megaworld offices have catered to more industries with premium-grade buildings equipped with the latest features and technologies. The newest would be for JP Morgan Chase Bank, which will occupy some 70,000 sqm of gross leasable space from a building targeted for completion by 2021—reportedly the biggest single office lease transaction made in the country. Co-working spaces, a growing trend in the country, also found a home in a Megaworld township.
An unparalleled experience similarly awaits in Megaworld’s expanding portfolio of homegrown hotel brands that include Richmonde Hotels, Savoy, Belmont, Twin Lakes, and Hotel Lucky Chinatown. With over 2,500 hotel keys, Megaworld is not just making its presence felt, but more notably, complementing the government’s thrust to attract 12 million international tourists by 2022, up from the 7.1 million arrivals recorded last year.
Providing tourists with exceptional stays through its hotels would allow Megaworld to help achieve such targets which if met, would have a tremendous impact on the country. As it is, the travel and tourism industry already accounted for almost a fifth or 24.7 percent of the total economy and 8.4 percent of total exports last year. Not to mention the multiplier effect it has, benefiting countless cottage industries and homegrown brands that cater to tourists.
But what perhaps stands out is the fact that Megaworld has helped unlock the potential in many key areas outside the metro—spearheading the growth even—as it brought its signature live-work-play townships in the provinces. And the stark difference is that when it started to bet on these provinces, it made sure to bet big, thus helping revitalize their economies, while giving residents the kind of lifestyle they truly deserve.
Megaworld has not only created new districts and raised the standards of living in the provinces. It more importantly spurred business activities, gave homegrown firms another platform to showcase their brands, generated fresh, quality jobs, and afforded many others to have the same heightened experience of living in a township as those in the urban metro.
And soon enough, Megaworld townships will also become a breeding ground for the next generation of leaders. Last year, the Newtown School of Excellence opened its doors to its first batch of enrollees, enabling Megaworld’s Mactan Newtown in Lapu-Lapu City to embrace the “learn aspect” of the township concept.
This dovetails well with Dr. Tan’s advocacy to provide opportunities for the youth through education, as reflected in the various initiatives that the company, through its Megaworld Foundation, undertakes every single year.
To date, Megaworld has granted some 5,000 scholarships to its beneficiaries, 500 of whom are now working for companies under the Alliance Global Group. The Foundation also supports advocacies for women, children, the elderly, and differently abled, as wells campaigns geared towards healthcare, eco-conservation and calamity assistance.
Beyond the confines of the townships, Megaworld also takes to heart its duty as responsible stewards of land, creating sustainable communities with the least impact to the environment. It currently covers some 1,500 hectares of protected lands, has spearheaded more than 50 green projects and has built 19 sustainable office towers across the country.
By 2030, Megaworld is aiming for a much loftier goal as it targets its townships to be carbon neutral by then.
All these show that Megaworld truly leads with a heart, that it embraces the communities and the environment where it is present, ensuring that the growth in its townships will also be felt and enjoyed by the surrounding areas.
And as Megaworld celebrates its 30th year, it found a way to further enhance the Philippine landscape and the quality of lifestyle it provides to residents and locators. In 2018, Megaworld invested heavily in iTownships—smart townships that focus on answering the community’s need for integration, interaction and interconnectivity. Such townships seamlessly incorporate digital technology, design innovations into its developments to make it future- proof.
“Having these features in our township does not only make our developments future-ready, but it also allow us to take greater steps toward sustainability and environment responsibility,” said Megaworld chief strategy officer Kevin Andrew Tan.
Indeed, much has already been achieved but Megaworld is taking stock of its stellar performance in recent past, building on them, improving and innovating further, future-proofing communities to leave a far deeper imprint and craft an even better legacy for the generations to come.
Priming iTownships of the future
His gameplan may sound simple enough, but it entails a far more complex and substantial responsibility being heaved on his lap.
For Kevin, the son of Megaworld founder and chairman Dr. Andrew L. Tan, the vision for a property giant that spearheaded many innovations over the last three decades is clear: that Megaworld continues to uplift lives, impact the society and help shape the nation wherever its townships are located.
“We will continue to focus on the development of our townships and our undeveloped properties across the Philippines in the years to come,” Kevin said when asked how he intends to continue his father’s legacy. “Much of our efforts will still be aimed at introducing more of our residential developments and investment properties, which cover Megaworld Lifestyle Malls, Megaworld Premier Offices, and Megaworld Hotels. Our existing land bank would be sufficient for the next 10 to 15 years of development.”
“More importantly, we will continue to embrace our purpose by fulfilling our company’s vision. This alone makes us very excited about our future,” added Kevin, who currently sits as the chief strategy officer for Megaworld.
Over the next five years up to 2024, Megaworld said it plans to invest a staggering P300 billion to scale up its developments and beef up its land bank across the country.
This massive capital spending will allow the company to further expand its townships and integrated lifestyle developments across teh country, while banking on the same passion, commitment and a culture of excellence and innovation that fueled the growth of the company over the last 30 years.
“I think what really helped drive us during the past three decades was our commitment to embrace technology and innovation in everything that we do. Having the ability to harness technology as a differentiator enabled us to enjoy a competitive edge, and that’s what we have been championing for the longest time now,” the younger Tan said in an interview.
Kevin cited as an example the iTownships program they launched last year with the goal of future-proofing townships and developments.
“By marrying together innovation, integration, internet, and interconnectivity, we have been able to create the townships of the future where communities can efficiently grow and thrive,” Kevin furhter noted.
“It’s been very intentional on our part to adopt technology and innovation because we believe we are in a distinct position to make a difference in the lives of Filipinos. At the end of the day, organizations like us are in the business of helping shape the nation by creating more progressive communities, and in all starts by empowering people and various economic sectors to grow too,” he concluded.
Posted July 1, 2019
Written by Amy R. Remo of Philippine Daily Inquirer
These expansive new developments to cover around 2,000 hectares in Luzon and Mindanao
SHAPING THE NATION. Megaworld continues to be among the main catalysts of nation building by adding 6 more of its signature townships by 2020.
Megaworld, the country’s largest developer of integrated urban townships and lifestyle communities, is set to launch six more townships this year until 2020. This will bring the company’s township portfolio to 30 by next year.
These new developments will cover an expansive land area of around 2,000 hectares. Most of these are from new land acquisitions carried by Megaworld Group’s land banking efforts during the last five years.
Five of these new expansive townships and lifestyle communities are in Luzon, while one is in Mindanao.
“Currently, we have a little over 4,000 hectares of both developed and developable land. By next year, we will increase our land ownership and land holding to more than 6,000 hectares as we continue to focus on our goal to expand to key growth areas in the provinces; help boost tourism, provide jobs, and further spur economic opportunities outside of Metro Manila,” reveals Kevin L. Tan, chief strategy officer.
From 24 in 2019 to 30 townships in 2020. Megaworld is building 5 more townships and integrated lifestyle communities in Luzon and one in Mindanao.
At present, Megaworld already has 24 townships and lifestyle communities spread across the country: Nine (9) in Metro Manila, which include Eastwood City, McKinley Hill, Forbes Town, McKinley West, Uptown Bonifacio, Newport City, Alabang West, Westside City, and Arcovia City; eight (8) in Luzon, which include Capital Town Pampanga, Eastland Heights, Twin Lakes, Southwoods City, Suntrust Ecotown, Maple Grove, Hamptons Caliraya, and Highland City; six (6) in the Visayas, which include The Mactan Newtown, Iloilo Business Park, Boracay Newcoast, The Upper East, Northill Gateway, and Sta. Barbara Heights; and one (1) in Mindanao, the Davao Park District.
The Megaworld Group is composed of mother company Megaworld Corporation and its subsidiaries Global-Estate Resorts, Inc. (GERI), Empire East Land Holdings, Inc. (EELHI), and Suntrust Properties, Inc.
Posted June 17,2019
First two towers of Park McKinley with sales inventory of almost P14-B sold out in less than a year
As property giant Megaworld experiences a spike in the demand for residential properties inside its 34.5-hectare McKinley West development in Fort Bonifacio, the company has launched a third tower for Park McKinley West, one of the residential condominium clusters in the township.
Standing 25-storeys high, the third tower of Park McKinley West offers spacious unit layouts ranging from one-bedroom (up to 70.5 square meters); two-bedroom (up to 110 square meters); three-bedroom (up to 212 square meters); four-bedroom (up to 229 square meters); and five-bedroom (up to 336 square meters).
Designed by UK-based multi-awarded architectural firm Broadway Malyan, the third tower of Park McKinley West will have generous amenities that include a swimming pool with its own pool deck, children’s pool, game and entertainment room, yoga room, outdoor yoga deck, function halls, and a fitness center. The property will also have its own roof deck garden and a skygarden at the 15th level.
“The residential market in McKinley West is growing bigger. We sold out our first tower for Park McKinley West in just two months last year, and when we launched our second tower in July, it only took us only a few months again to sell it out. Today, prices of residential units in Park McKinley West rose to almost P265,000 per square meter compared to P218,000 per square meter when we first launched it a year ago,” explains Noli D. Hernandez, senior vice president for sales and marketing, Megaworld.
The tower’s ground level will also host to some retail stores and dining establishments, providing lifestyle convenience to future residents. The residential tower will also have its own three-level parking facility.
The company is expecting to generate around P8-billion in sales from this new tower alone. The project is expected for completion in 2024.
Park McKinley West is the third residential development launched in McKinley West, just beside the upscale community of Forbes Park and the Manila Polo Club.
The company is also building two upscale mid-rise residential developments in the township: St. Moritz Private Estate and The Albany.
The township is also home to the upscale McKinley West Village, a sprawling high-end residential village.
Posted June 3, 2019
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.
By Arra B. Francia.
Posted May 20, 2019
The Albany’s Yorkshire Villa offers 64 suites within McKinley West’s rising ‘billionaire’s row’
Property giant Megaworld is expanding its luxury residential footprint inside the 34.5-hectare McKinley West with the launch of the The Albany Yorkshire Villa.
Located within the development’s ‘billionaire’s row’ beside the posh McKinley West Village, The Albany Yorkshire Villa offers 64 spacious suites ranging from 121-square meters for two-bedroom and 133-square meters for 3-bedroom. The exclusive 4-bedroom penthouse suites offer generous 349-square meters of three-level space with their own private infinity pool at its roofdeck.
All suites of The Albany Yorkshire Villa have private high-speed elevators that open directly to each unit’s foyer. Each residential suite can only be accessed using keycards, including the amenity deck and other facilities in the property.
“The Albany caters to a niche market of highly-discerning privileged few who want to live in an exclusive community of affluent urban dwellers. This isn’t a place to be seen, but a private abode where everything is still within easy reach,” says Rachelle Peñaflorida, vice president for sales and marketing, Megaworld.
Designed by UK-based award-winning architectural firm, Broadway Malyan, The Albany Yorkshire Villa will have its own infinity pool, children’s pool, in-water lounge deck and pool deck, fitness center, spa, sauna room, kids’ playground, game and entertainment room, function rooms, and outdoor cabanas.
All suites will have built-in appliances by Bosch, kitchen system by Leicht, kitchen appliances by Gaggenau and Bosch, toilet fixtures by Duravit’s Philippe Starck Collection, and bathroom fixtures by Hansgrohe Axor Starck and Grohe.
Each unit will also have a maid’s room with its own toilet and bath, and a powder room for guests. All master bedrooms will have custom-built walk-in closets and bathtubs.
“Each suite at The Albany is a curated expression of opulence and privacy. We carefully planned the entire development to make it a class of its own in Metro Manila’s ultra-luxury residential market,” adds Peñaflorida.
The Albany Yorkshire Villa will be completed in 2023. The company is expected to generate around P3-billion in sales from this new project.
Posted May 20, 2019
BCDA, Megaworld to jointly manage the 160-hectare district on the southern part of Fort Bonifacio
Property giant Megaworld and the Bases Conversion and Development Authority (BCDA) are teaming up in creating a new district in Fort Bonifacio, the BONIFACIO CAPITAL DISTRICT (BCD).
Covering the southern part of Fort Bonifacio towards South Luzon Expressway (SLEX) and the Ninoy Aquino International Airport (NAIA), the BONIFACIO CAPITAL DISTRICT has a total land area of around 160 hectares.
This covers Megaworld’s existing township developments, the 54.3-hectare McKinley Hill and the 34.5-hectare McKinley West; and BCDA-owned properties consisting of the 26-hectare Philippine Navy Village; the 33.1-hectare Bonifacio South Pointe property in partnership with the SM Group; the 10.1-hectare Consular property beside McKinley West; and a remaining one-hectare BCDA lot.
Envisioned to be the ‘country’s administrative capital,’ BONIFACIO CAPITAL DISTRICT will soon be home to the future buildings of some of the major government institutions.
“This marks the strong partnership of BCDA and Megaworld Corporation in building for progress. As a key locator in Fort Bonifacio, Megaworld has made positive impact in the lives of many Filipinos through its ‘live-work-play’ concept. We saw the realization of this concept in McKinley Hill which is integrated in the BONIFACIO CAPITAL DISTRICT. The district will soon house the country’s major institutions such as the Senate of the Philippines, the Supreme Court, and the Court of Appeals. These government institutions will be complemented with more office spaces, residential units, parks, and commercial establishments—which are all essential to our vision to create vibrant and livable communities for the people,” reveals Vince B. Dizon, president and CEO, BCDA.
Along with BCDA, Megaworld will create the Policy Review Board (PRB) which will have the exclusive jurisdiction to set policies and restrictions on the development of the BONIFACIO CAPITAL DISTRICT, and to ensure the proper execution of the district’s Master Development Plan and Vision.
Currently, development-based gross floor area (GFA) of existing and operational commercial, residential, office and institutional properties within the district is around 1.26-million square meters. Projected GFA of proposed mixed-use developments in undeveloped lots within the district, on the other hand, is around 2.1-million square meters. These new developments are expected to be completed in the next 10 years.
The BONIFACIO CAPITAL DISTRICT will have Lawton Avenue as its main road, with direct access points towards Bonifacio Global City (BGC) via Lawton-Fifth Avenue connection; Makati CBD and EDSA via McKinley Road and Chino Roces Avenue Extension; South Luzon Expressway and NAIA Expressway via southern portion of Lawton Avenue; and C5 Road via Bayani Road and Upper McKinley Road inside McKinley Hill.
Rendering support for BONIFACIO CAPITAL DISTRICT is BCDA’s Bonifacio South Main Boulevard, which is located inside the District. This six-lane road will provide alternate access from NAIA and Bonifacio Global City, to decongest Lawton Avenue. The road will also have bicycle lanes on opposite sides. A linear park that will traverse the boulevard will further promote a livable green environment within the district benefitting residents and workers.
By 2025, the district will be a location of one of the proposed stations of the ongoing Metro Manila Subway Project, initially named as Lawton East Station.
“In the next five years, after completing the road developments, utilities network and the subway project, we will be focused on traffic management, which includes development of bike lanes and pedestrian networks as well as deployment of traffic marshals. We will also improve landscaping along the district’s major roads and designing the entire district with urban art installations. On security management, we will also expand the CCTV monitoring to cover all areas of the district, which will then be incorporated into our Central Command Center inside McKinley Hill,” says Kevin L. Tan, chief executive officer, Alliance Global Group, the mother company of Megaworld.
Based on the district’s original masterplan by Parsons Brinckerhoff, at least 15% of the entire area will be dedicated to recreation, green and open spaces, on top of the mandatory open space easement required to each locator.
Posted March 14, 2019
Megaworld, the country’s leading developer of integrated urban townships, is allocating P65-billion in capital spending this year, mainly for residential, office and mall projects across its township developments as well as for land acquisition and investment properties.
Eighty percent (80%) of the capital expenditures (CAPEX) will be allocated for property developments across the company’s 23 townships across the country, while the remaining twenty percent (20%) will be used for land acquisition and investment properties.
“We are ramping up our residential properties in our portfolio this year as we have seen a remarkable spike in residential demand across our townships, both in Metro Manila and in the provinces. Likewise, we remain focused on cementing our leadership in the office category by launching more office spaces, and we are looking into opening more lifestyle malls as we keep track of our goal towards P20-billion in rental revenues by next year,” says Kevin L. Tan, EVP and chief strategy officer, Megaworld.
Megaworld is set to launch 28 new residential towers this year in its townships in key regional centers, particularly in The Mactan Newtown in Lapu-Lapu, Cebu; The Upper East in Bacolod; Iloilo Business Park in Mandurriao, Iloilo; Capital Town in the City of San Fernando, Pampanga; Maple Grove in General Trias, Cavite; Southwoods City in Biñan, Laguna; Boracay Newcoast in Boracay Island, Aklan; Twin Lakes in Batangas near Tagaytay; and Eastland Heights in Antipolo, Rizal; as well as in various parts of Metro Manila, particularly in Westside City in Parañaque City, McKinley Hill and McKinley West in Fort Bonifacio, Arcovia City in Pasig City, and Manhattan Garden City in Quezon City. These projects will generate around P90-billion in residential sales.
The company is also expected to start the construction of five new office projects and complete some ongoing mall and commercial properties across the country.
Five new office towers are expected to start construction in Uptown Bonifacio, Capital Town in San Fernando, Pampanga, and Westside City in Parañaque City, covering around 116,000 square meters in gross leasable spaces.
Another five new office towers, on the other hand, are expected to be completed within the year in Uptown Bonifacio, Iloilo Business Park, Arcovia City and Pampanga, with total gross leasable area of around 189,000 square meters.
Five commercial properties, on the other hand, are expected to be completed within the year in McKinley Hill in Fort Bonifacio, Arcovia City in Pasig City, and Davao Park District in Davao City. These will give an additional 9,000 square meters of gross leasable spaces in our commercial retail portfolio.
“On our rental portfolio, we are allocating most of our CAPEX in the completion of new office and lifestyle mall developments across our townships,” adds Tan.
By end-2019, Megaworld’s leasable properties are expected to climb to 2.14-million square meters, with office properties accounting for almost 60-percent.
Posted January 29, 2019