Special Report on the Economy
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Ortigas tower posts P8-b sales — Global Estate

GLOBAL-Estate Resorts Inc., a unit of Megaworld Corp., said it generated P8 billion in sales from the soon-tobe-launched new residential development in its Renaissance complex along Meralco Avenue, Ortigas Center in Pasig City.

The project, to be called The Fifth, is a 36-story residential condominium within the Renaissance community slated for completion by 2024.

The Fifth will offer units ranging from a studio room of up to 37 square meters in area, one bedroom with a maximum of 86 sq. m., two-bedroom units of up to 137 sq. m. and a threebedroom unit with a maximum of 229 sq. m. All units will have their own balconies offering cityscape views of Ortigas, Quezon City and the Antipolo hills.

"The Fifth will offer unique amenities that allow young professionals, start-up families and even millennials find time to slow down and relax at the end of each busy day. We are very excited about this new residential community," Megaworld Global-Estate Inc. head of sales and marketing Karen Arcilla said.

The project is strategically located right beside St. Paul's College-Pasig and just less than five minutes away from the Asian Institute of Management, Poveda College, University of Asia and the Pacific and The Medical City.

It boasts of recreational amenities exclusive for its residents, including the Sky Lounge and Viewing Decks, Cabanas, Al Fresco Bar, Lounging and Yoga Deck, outdoor playground, children's playroom, fitness center, swimming pool, whirlpool bathtubs, function hall, coffee shop, spa and a CoLab Working Space.

GERI in 2017 posted a net income of P1.6 billion, up 45 percent from a year ago level. Over 70 percent of its income still come from residential sales.

The company is beefing up commercial and retail spaces across its tourism and leisure townships in the country in line with a target to generate P650 million in recurring revenues by 2020.

Topics: GLOBAL-Estate Resorts Inc. , Megaworld Corp. , The Fifth
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