Property giant Megaworld announced plans to enter the ultra-high-end residential market with the launch of its new brand category, Megaworld Signature Collection, this year.
Megaworld president and chief executive Lourdes Gutierrez-Alfonso said during the company’s annual stockholders’ meeting Friday that the company plans to roll out a rare collection of residential projects catering to an affluent market.
She said this collection will be “rare and one-of-its-kind in terms of location, design, features, innovations and amenities.”
“These residential properties are so rare that we will only be offering this once or twice every year, only in select locations,” Gutierrez-Alfonso said.
“We chose the name because each residence bears the mark of purposeful design. Every development is envisioned as a one-of-a-kind property and offered with discretion — chosen by those who truly understand the value of rarity.”
Megaworld said it will create an entirely new group to handle the segment.
“We will be launching our inaugural project for this category within the year,” Gutierrez-Alfonso said.
Megaworld executive director Kevin Tan said this new venture will enable the company to diversify its portfolio and tap into opportunities in the ultra-luxury residential market.
This move comes as demand rises for long-term, exclusive real estate assets among Ultra High Net Worth Individuals (UHNWIs).
This market has also remained resilient despite a current oversupply in the overall property market.
The property firm said it remains committed to its planned five-year capital spending of P30 billion to grow and reinvest in its office leasing portfolio.
Under the plan, Megaworld aims to reach 2 million square meters of office leasing space from 1.6 million square meters.
It also aims to double its retail footprint to 1 million square meters and expand its hotel room keys to 9,000.
Megaworld is looking to launch two new township developments, one in Luzon and another in the Visayas this year.
By the end of 2025, it will have 37 mixed-use estates across the country.
