Filtered By: Money

Megaworld to raise P2B from Italian-themed project in Mactan township

Listed property developer Megaworld Corp. on Thursday said it is set to raise P2 billion in sales from its Italian-themed residential project in its Mactan Newtown property.

Dubbed as the Positano Mactan, the 17-story condominium project is scheduled for completion in 2028, with 301 smart home units set to be available in varying types.

The project will have studio units up to 33 square meters, executive studios with up to 41 square meters, one-bedroom units with up to 51.5 square meters, executive one-bedroom units with up to 61 square meters, two-bedroom units with up to 78 square units, and three-bedroom units with up to 141 square meters.

It will also have unit types such as the one-bedroom loft with up to 81.5 square meters, two-bedroom loft with 136.5 square meters, the three-bedroom bi-level with up to 166 square meters, three-bedroom loft with 189.5 square meters, and three-bedroom lofts with terraces with up to 264.5 square meters.

“The residential project is inspired by the elegance and beauty of the picturesque Italian seaside destination off the Amalfi Coast that carries the same name,” Megaworld Visayas FVP for Sales Jennifer Palmares-Fong said in an emailed statement.

“We continue to see an overwhelming demand for living spaces here at The Mactan Newtown, which is why we have chosen to offer this concept to further highlight the island vibe and the exciting lifestyle,” she added.

Mactan Newtown currently has over 2,000 residential condo units from nine existing towers and soon-to-rise developments, and some 81,000 meters of gross leasable office spaces.

The township has two hotel properties from Megaworld Hotels & Resorts — the 18-story Savoy Hotel Mactan and the 20-story Belmont Hotel Mactan which have a combined 1,097 rooms.

The company earlier this month said it is optimistic to exceed pre-pandemic numbers this year, following the 7% climb in its bottom line and the double-digit growth in its top line last year.

The company has three primary business segments — real estate sales of residential developments; leasing of office space and rental space; and the management of hotel operations.

Its subsidiaries and associates include Richmonde Hotel Group International Limited, Eastwood Cyber One Corporation, Empire East Land Holdings Inc., Global-Estate Resorts Inc., and Bonifacio West Development Corp.

Shares in the company were trading at P2.03 apiece as of 11:01 a.m. on Thursday, down by P0.02 or 0.98%. —Jon Viktor D. Cabuenas/KBK, GMA Integrated News