St. Moritz Private Estate – Megaworld’s first ultra High end property in Fort Bonifacio.
Great news for Megaworld investors! Megaworld will develop its’ premier project which is the Mckinley West. Mckinley West is a 34 hectare, master-planned french township township in Fort Bonifacio along Lawton Avenue, fronting Essensa. It’s the 4th township community of Megaworld at Fort Bonifacio which will focus on “Ultra High End” type of development. As Megaworld’s feedback to the growing number of such inquiries, Megaworld will soon launch its’ first condominium offering. Megaworld is allotting P45 Billion for the development of Mckinley West.
(This picture is not final )
The first condominium project in Mckiney West is going to be a low-rise residential condominiums, senior Vice president Noli Hernandez told the reporters in briefing in Paranaque City Tuesday.
“Our projects are high-end, and this is the first time we’re coming up with an ultra high-end,” he said.
“We can feel we’re on the verge of an upsurge. We have been getting inquiries regarding high-end properties, so we’re just responding to the demand,” Hernandez added.
“We think this is going to continue for two, three years,” Hernandez said with regard to the demand.
- Mckinley West Leicht
- Mckinley West Bosch
- Mckinley West Starck
Next month, Megaworld is launching the first phase of the project consisting of 98 units. The project will consist of 2, 3 and 4 bedroom units and the prices will be reasonable.
In a separate interview with GMA News Online, Jones Lang LaSalle research, consulting and valuation head Claro Cordero Jr. said upcoming luxury development by Megaworld could still be absorbed by the market, noting the ultra high-end segment comprises a mere 5 percent of total condominium units in the market today.
“It can easily be absorbed by the market, since there is already an existing market for that kind of product,” Cordero said.
The market for ultra upscale condominiums is both local end-users and foreign investors, according to the Jones Lang LaSalle official.
“In the market, the supply is only 4,000 to 5,000 in the next four to five years and the market has long been looking for ultra high-end products,” he added.
Sizes of the units will range from 79 square meters to 291 sqm, with a price tag of over P160,000 per sqm.
In 2010, Megaworld developed a portion of the 34.5-hectare property in its exclusive McKinley West Village for 285 lots.
From a selling price of P75,000 sqm three years ago, the lots are now going for P160,000 per sqm.
Hernandez noted Megaword is banking on the location of the development between Bonifacio Global City and McKinley Hill.
“We want to maximize our landbank and this is the right time as this happens to be… the last remaining prime piece of property, sandwiched between the Global City and McKinley Hill,” he said.
Apart from the low-rise clusters, Megaworld also plans to build a business park with office towers and commercial and retail buildings.
“We will have office towers that will cater to multinational corporations. We will also have retail spaces to be managed by Megaworld Lifestyle Malls,” Hernandez said.
ABBE D. NITAFAN ASSISTANT SALES MANAGER
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SOURCE:
http://www.gmanetwork.com/news/story/369257/economy/companies/megaworld-goes-for-ultra-high-end-development-in-p45-b-mckinley-west-project