Performancing Metrics

Megaworld to build new condo

Friday, 19 December 2008 23:20

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MEGAWORLD Corp. announced on Friday that it would build its newest residential condominium in Makati amid the economic slowdown that has pushed property firms to adopt a “wait and see” mode.

In a statement, the Andrew Tan-led property firm said it is still bullish about the real estate industry, thus its plan to push through with the development of Greenbelt Madison. Its fifth project located within the Greenbelt in Ayala Center is expected to bring in P1.4 billion in revenues.

“Despite the ongoing financial crisis abroad, we are quite confident with Greenbelt Madison because of its prime location near Ayala Avenue and Makati Medical Center. We expect it to sell out in the next few months, just like its highly successful predecessor projects,” Clifford Legaspi, Megaworld vice president for marketing and project head, said.

The 31-story condominium would rise along Salcedo Street in Legaspi Village, a block away from Ayala Ave. It would have 276 executive studio and two-bedroom units and construction would start next year, with turnover slated for late 2012. The amenities planned for Greenbelt Madison include a 15-meter lap pool, gym, wading pool and a grand lobby.

The other completed Megaworld projects within the area are Greenbelt Parkplace and Greenbelt Radissons while Greenbelt Chancellor and Greenbelt Excelsior are still under construction.

Earlier, the company said it would sell up to P5 billion worth of unsecured corporate notes to 19 institutional investors with BDO Capital and Investment Corp. as the issue manager.

These notes may be issued in one or more tranches with the amount and maturity of each tranche to be fixed depending on market demand while the interest rate would be based on the applicable benchmark rate to be determined by Megaworld and BDO Capital. Kingson Sian, Megaworld executive director, said the fresh capital would allow the company to have the cash to grab “opportunities” that may come its way in the coming year.