Megaworld sees robust business in central Makati projects

Eyeing one-off projects in the business and financial district of Makati City, listed property developer Megaworld Corporation is unfazed by the competition in horizontal mixed- use developments near the area. 

 

“If you noticed most of our projects, basically the key selling point that these have is the location,” Eugene Em Lozano, Megaworld assistant vice president for sales and marketing, told reporters at the sidelines of a project launch late Wednesday. “All our projects are very strategic [in terms of ] locations.”

 

The Megaworld sales strategy is hinged to developing available land in the center of Makati. 

 

“Developments at the fringe are selling their projects because of their proximity to Makati. Our projects is within the core, within the heart of the district,” said Lozano. 

 

“It's within Makati, so the take up is very nice. The percentage of our sales is going up because the economy is doing good,” he added. 

 

According to Megaworld, the luxury two-tower condominium “Three Central” in Salcedo Village is nearly 90 percent sold and its “Greenbelt Hamilton” project in Legazpi Village “is selling very quick.”

 

Megaworld also sold 40 percent of its newly unveiled “Paseo Heights” even before project launch. “We started soft selling in the last quarter of last year. So, actually we're 40 percent sold already,” said Lozano. 

 

Harold Geronimo, Megaworld strategic marketing and communications director, noted that soft selling involves exclusive buyers who are regular patrons of Megarworld properties. 

 

“This entails no marketing push, no events, no launch,” he said.

 

Lozano expects to fully sell all units by the third quarter of 2013, shoring up total sales of  P1.8 billion. Officials did not disclose the investment cost of the project. 

 

“Paseo Heights” is a 30-story condominium building with 320 studio and two-bedroom units situated in a 982-square meter lot beside the popular weekend market Jaime Velasquez Park. 

 

The project, which will have its groundbreaking in second to third quarter of 2014, is eyed for completion on April 2017. Units are worth P3.3 million to P4 million for studio type (22 to 32 sq. m.), and P7 million to P10 million for two-bedroom (up to 90 sq. m.). 

 

A former parking space, “Paseo Heights” in one of the last available lands in central Makati. 

 

Lozano, however, said Megaworld still has “two to three lots” up for development in Makati. 

 

“We have more to launch, but we can't disclose the total area. We'll have one more to launch in the second half of the year,” said Geronimo. — VS, GMA News