Megaworld adds 2nd tower to San Antonio Residence

MEGAWORLD Corp. will expand its residential project in Makati City with a second tower offering 478 units, following a strong demand for the development, which is projected to generate a total of P4.5 billion in sales.

In a statement issued on Wednesday, the listed property developer said it is doubling the inventory at San Antonio Residence along Sen. Gil Puyat Avenue and Calle Malugay in San Antonio Village.

“San Antonio Residence’s West Wing is now 90% sold and we still continue to receive inquiries about the project,” Megaworld Vice-President for Sales and Marketing Eugene Em Lozano said in the statement.

The company launched San Antonio Residence in 2015, with the first tower being built on the western portion of the property. The second tower will feature “Morning Sun units” in studio to three-bedroom cuts spanning 26-93 square meters (sq.m.).

Megaworld is looking to complete San Antonio Residence by 2020. The residential development will feature an infinity pool, pool lounge and deck, hideaway yard, street fitness park and kids’ zone, among others.

To date, the company has developed 27 residential and office towers within the Makati Central Business District. Its residential projects include Greenbelt Hamilton in Legazpi Village and The Ellis, Three Central, Salcedo SkySuites and Paseo Heights in Salcedo Village.

Megaworld is mainly expanding its portfolio of leasable properties. It targets to complete nearly 1 million sq.m. of new office, lifestyle mall and commercial spaces and subsequently grow its rental income to P20 billion by 2020.

In the first nine months of 2016, Megaworld booked an 11% yearon-year increase in net income to P9.27 billion, following a 5% uptick in revenues to P35.26 billion. It largely benefited from the 15% rise in rental income to P7.41 billion.

The company is tapping the local bond market to raise P30 billion within the next three years to finance its capital expenditure requirement. It will initially issue securities worth P12 billion, including P4 billion for overallotment, before the semester ends.

Shares in Megaworld closed five centavos or 1.33% higher at P3.70 apiece on the Philippine Stock Exchange on Wednesday. —