Megaworld expects P3.5B in sales from new condo

Real estate giant Megaworld Corp. expects to generate around P3.5 billion in sales for its newest mid-rise condominium project in Pampanga as it intensifies expansion across the country.

In a statement over the weekend, the company led by billionaire Andrew Tan said it had begun building the 17-story Saint-Marcel Residences, its fourth development in the Capital Town township in the City of San Fernando.

The Parisian-themed project will have 361 units ranging from 24 square meters to 103 sq m. These are scheduled for turnover in 2030. Saint-Marcel units will likewise be equipped with wireless smart home systems, which will allow owners to control lights and other appliances through a mobile application, Megaworld said.

The project is set to feature bi-level private dining room, indoor and outdoor fitness area, and a daycare, among others, it added.

“There is still strong demand for themed residential developments in Capital Town as we continue building more components of the township,” said Eugene Lozano, Megaworld Pampanga senior vice president for sales and marketing.

The 35.6-hectare Capital Town was launched in 2017 and currently has more than 1,300 residential condominium units from four properties. Apart from Saint-Marcel, it also has the 214-unit Chelsea Parkplace, 463-unit Bryant Parklane, and 293-unit Montrose Parkview.

According to Megaworld, the township has a commercial strip, plaza and rainwater park. It will also have its own transport hub “soon.” Last week, the developer announced plans to spend P15 billion to debut in Ilocos Norte province through a new township.

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Situated near the Fort Ilocandia Hotel and 15 minutes away from the Laoag International Airport, the 84-hectare Ilocandia Coastown will be Megaworld’s first township in the province and its 34th overall.

Megaworld has said that it wanted to expand its township portfolio to 35 by the end of the year. Its townships, or mini towns that often have their own parks, malls and residential communities, were the main drivers of the company’s net income growth in the first semester.

During the period, Megaworld’s earnings inched up by 9 percent to P8.55 billion, while revenues expanded by more than a fifth to P39.1 billion.