Megaworld Corp.'s next Southern township in Alabang has launched its third phase, with residential lots going for P48,500 per square meter.
Dubbed "Alabang West" and pegged to capture the vibe of Beverly Hills, the project raked in P5 billion in sales only three months after its launch. Almost half of its 788 lots have been sold by December of last year, according to Megaworld.
Megaworld's vice president for sales and marketing, Rachelle Peñaflorida, issued that the current uptake remains bullish, and prices should see sharp increases in the year ahead.
"Due to the good investment climate in southern Metro Manila, we expect the remaining residential lots will be sold before the end of the first quarter. We expect land prices in Alabang West to rise by 25 to 30 percent this year from its launch price last year," stated Peñaflorida.
The upscale development features a mixed-use masterplan with residential, retail, and commercial components patterned after the posh Hollywood lifestyle of Beverly Hills. Among its attractions, the township will duke out a retail strip named Rodeo Drive after the iconic two-mile celebrity shopping hotspot in the Californian town.
The local Rodeo Drive will feature 1.3 kilometers of upscale shopping options and, like the original, will feature palm-lined avenues. It is designed to be "the newest shopping hub in the South," where "people can get the best of gourmet, fashion and boutique finds," issued Megaworld in a previous statement.
Alabang West is also set to provide a clubhouse, badminton and basketball courts, cabanas, a fitness center, pocket gardens and parks, an infinity pool, various indoor amenities, and outdoor cafes and dining areas.
Spanning 62 hectares and costing P10 billion over the next five years, Alabang West stands as Megaworld's 15th township, with turnover estimated to take place in 2017.