Megaworld: RFO units gaining traction
READY for occupany (RFO) units are becoming a popular option among condominium buyers and this trend is expected to gain more traction in the coming years, property developer Megaworld said.
As such, Megaworld Prime RFO vice president for sales and marketing Donna V. Racho said their property business has catered to this market segment by allocating five percent of their condominium units for RFO buyers.
In Cebu, Megaworld launched last week its RFO inventory inside its township project in the 8 Newtown Boulevard at The Mactan Newtown in Lapu-Lapu City. 8 Newtown Boulevard is composed of four 18-storey residential towers.
Out of the 716 condominium units in 8 Newtown Boulevard, Racho said approximately five percent of the inventory are dedicated for RFOs, or roughly 30 units.
While there remains a big market for buyers who purchase homes during the pre-selling stage, where they have to wait for about five years to move in, the Megaworld official has observed a growing preference for RFO units.
Aside from being pre-furnished with furniture and appliances, Megaworld said RFO condo buyers can avail of Megaworld’s complimentary interior design services as well as leasing and resale assistance.
RFO units are priced higher than units sold during the pre-selling period.
Megaworld also offers free interior design services, which allows clients to select, negotiate, and purchase their preferred furniture, fixtures and appliances that suit their needs and budget.
Megaworld public relations and communications head Harold Geronimo said the rental market in Mactan, alongside the rising BPO workforce in the area, is expected to support the demand for RFOs, an opportunity that awaits buyers who purchase condominium units for investment.
The developer first rolled out its RFO scheme in Jan. 2012, starting with its Metro Manila developments.
Megaworld has reported an 11-percent increase in its net income, from P5.43 billion in the first half of 2015 to P6.03 billion this year.
In a Philippine Stock Exchange disclosure, the developer said its sustained earnings growth is driven by its aggressive focus on township developments not only in Metro Manila but also in the provinces.