Megaworld launches residence project-A A +A
Monday, August 20, 2012
PROPERTY developer Megaworld Corp. launched its four-tower One Pacific Residence in Cebu last Thursday.
One Pacific Residence is the company’s latest addition to the 16-hectare integrated township development The Mactan Newton in Lapu-Lapu City.
Megaworld Corp. set aside P10 billion for the five-year development of the new township project.
“We are bringing the luxury and lifestyle convenience to new heights. One Pacific Residence will showcase the best of Newtown living,” Megaworld Corp. senior vice-president for sales and marketing Noli Hernandez said during the launch at the Radisson Blu Hotel Cebu.
One Pacific Residence will have three residential towers with a total of 540 units.
The fourth tower is an office building for potential business process outsourcing (BPO) locators.
Hernandez said two residential towers were already sold out to the Japanese market.
The remaining residential tower is being marketed to local buyers.
The condo units are priced from P4.1 million up to P5.8 million. Each unit has built-in closets, kitchen cabinet and a stainless steel sink. It also has an exhaust duct systems, a multi-power point heater, individual mail boxes and split-type air conditioning.
Buyers can choose to have their units with hot and cold shower, cable TV and telephone connection already installed. Residents of One Pacific Residence will have the view of the Magellan Bay to its north and the Hilutungan Channel to the south.
The company said they expect to complete One Pacific Residence in 2016.
Hernandez said last week’s launching of One Pacific Residence also marked the official entry of Megaworld Corp. in Cebu.
The Mactan Newtown is patterned after Megaworld’s Eastwood City development in Libis, Quezon City, which has integrated live, work and play components.
Megaworld Corp. is owned by tycoon Andrew Tan.
The Mactan Newtown is said to be the biggest project so far of Megaworld in southern Philippines. It will have residential condominiums, BPO offices, retail and entertainment strips, a wellness facility and an upscale boutique hotel.
It was recently declared a special economic zone.
In its disclosure to the Philippine Stock Exchange, Megaworld said it grew its first semester core net profit by 15 percent to P3.69 billion. The company said the growth is due to the continued strength of its residential real estate sales and BPO office rental portfolios.
Consolidated revenues amounted to P15.43 billion, up by 12 percent from P13.81 billion the year before. Rental income from Megaworld’s BPO office and retail developments grew to P2.26 billion, which is 39 percent higher from the P1.63 billion recorded the year before.
Megaworld currently has 10 ongoing “mega-projects” within Metro Manila, Iloilo and Cebu. By the end of 2012, the company expects to have around 500,000 square meters of office space in its portfolio.
Published in the Sun.Star Cebu newspaper on August 21, 2012.