PH1 World Developers Inc., the real estate arm of Megawide Construction Corp., disclosed plans to build nine new projects in Luzon, including two high-rise condominium towers in Metro Manila.
Megawide chairman and chief executive Edgar Saavedra expressed optimism on the strong demand for the projects, which incorporate new technologies and design that give up to 38-percent more usable space in the form of lofts at no extra cost.
Saavedra said PH1 World’s projects are designed to have large and comfortable space, unlike the “shoebox” units of other developers. It is possible through the unique add-loft technology that delivers additional living spaces in each unit, he said.
He said the company’s residential towers are also equipped with up to eight elevators per building, which reduce queues among homeowners during busy hours.
PH1 World, established in 2014 as MySpace, is the company behind The Hive Residences in Taytay, Rizal with 978 residential units; My Enso Lofts along Timog Ave. in Quezon City with 1,204 residential units and 21 retail units; One Lancaster Park, a 15-tower mid-rise project in Imus, Cavite in joint venture with Profriends Inc. which when completed would have 10,166 residential units; the 16-hectare Modan Lofts Ortigas Hills in Taytay, Rizal with add-loft technology; and Northscapes San Jose del Monte, its first horizontal project with 343 residential units.
PH1 World invested about P600 million in the San Jose del Monte project in Bulacan province and a new project in Cavite province.
The company recently secured a P3-billion loan from BDO Unibank Inc. to finance its projects. PH1 World president Gigi Alcantara said they are in negotiations for the development of two new vertical projects, including one in Quezon City and another in Pasig City. Both sites are located near Light Rail Transit Line 2, she said.
Alcantara noted a strong demand for their vertical projects despite the rapid increase in prices. She said the price of units at The Hive Residences in Taytay, Rizal jumped from P55,000 per square meter when the project was launched in 2015 to P108,000 today, translating into an increase of 97 percent in capital appreciation.
Spike Ching, assistant vice president for project development and head of the horizontal projects, said the selling prices of My Enso Lofts condo units in Quezon City now start in the range of P220,000 to P230,000 per square meter, up from P170,000 in 2020 during the launch of the project. The 19.60-square-meter studio units are now sold for at least P4 million, he said.
My Enso Lofts units are known for high ceiling which allow the developer to add an extra 7.40-sq. m. loft, to expand the usable space of a 19.60-meter studio unit to 27 sq. m. Units are turned over with split type air-conditioner, rangehood and cooktop, water heater and window blinds. Larger units are also available with additional loft.
The company expects the completion of My Enso Lofts, a 45-story residential development on a 3,000-square-meter lot at the corner of Timog Ave. and Sgt. Esguerra St. in Quezon City and Modan Lofts on a 16-hectare site in Taytay, Rizal by 2026.
Saavedra confirmed the rise in prices of condo projects in Metro Manila in recent years, which he said, provide investors with opportunities. He said prices of ready-for-occupancy units at mid-rise projects climbed 50 percent to 70 percent or even doubled in three years, while those of high-rise projects achieved similar growth in five years.
Meanwhile, PH1 World general-manager for horizontal projects Eric Gregor Tan said among the horizontal developments under negotiation are located in San Jose del Monte City, Bulacan; Bulakan, Bulacan; Calumpit, Bulacan; General Trias, Cavite; Trece Martires, Cavite; Lipa, Batangas; and San Jose, Batangas.
The company is developing Northscapes in San Jose del Monte which is expected to be completed by 2024. It will feature power-efficient homes using SolarSave energy panel, ResiShade tinted windows and TropiCool insulated walls.
Megawide, the parent company of PH1 World, is known for its precast and construction solutions. It acquired PH1 World from parent firm Citicore Holdings Investments Inc. for P5.2 billion early this year.