Megaworld adds 2nd tower to St. Mortiz project

MEGAWORLD Corp. is expanding its upscale township in Taguig City with another St. Mortiz residential tower that will bring sales from both buildings to a total of P3 billion.

In a statement issued on Thursday, the urban township developer said it is launching St. Mortiz Tower Two following “the growing demand for luxury suites” in McKinley West in Fort Bonifacio.

The tower will offer 32 private suites with two to four bedrooms and spanning up to 220 square meters. It will offer bi-level penthouses with elevators opening to the foyer of each unit, keyless access to doors and indoor private pools.

The residential building will rise beside the first tower located along the Le Grand Avenue right outside the McKinley West Village.

Megaworld has commissioned United Kingdom-based architectural firm Broadway Malyan to design the residential development slated for completion in 2019.

All suites at St. Mortiz Tower Two will come with the Philippe Starck collection of Duravit for bathroom fixtures, Liecht for kitchen design and Bosch for home electronics, according to Megaworld.

“Our first tower has been well-received by the top-tier market,” Rachelle Peñaflorida, vice-president for sales and marketing at Megaworld, said in the statement. “With the launch of the second tower, we hope to further expand our offerings to the luxury property market.”

Suites at St. Moritz are now selling for around P230,000 per square meter. This marks a 21% increase over the last two years.

“McKinley West’s strategic location beside Forbes Park and the Manila Polo Club makes it an attractive preference for property investment in the entire Fort Bonifacio. We expect property prices to even go up in the next two to three years,” Ms. Peñaflorida said.

In the first nine months, Megaworld registered an 11% year-on-year rise in net income to P9.27 billion from P8.35 billion, following a 5% increase in revenues to P35.26 billion from P33.53 billion.

The company largely benefited from the expansion of its leasing business, with rental income from office and commercial retail properties soaring 15% to P7.41 billion from P6.44 billion.

The nine-month period saw Megaworld opened new malls and commercial centers in Uptown Bonifacio, McKinley Hill, Forbes Town Center, Iloilo Business Park, The Mactan Newtown and Twin Lakes.

Office towers in McKinley West, Uptown Bonifacio, The Mactan Newtown and Iloilo Business Park also became online by end- September, driving the rental income of Megaworld further.

Shares in Megaworld closed 14 centavos or 3.77% higher at P3.85 apiece on the Philippine Stock Exchange on Thursday. —