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Megaworld sells two-thirds of Pampanga property for P1 billion.

PROPERTY developer Megaworld Corp. on Monday said it sold around 70 percent of its Pampanga project called Shophouse District.

Megaworld said it expects P1 billion in sales from the Shophouse District, which was formally launched in June last year.

Current prices of lots range from P12 million to P32 million. About 10 months after its launch, prices of Shophouse lots in Capital Town, the new name of the township located near the province's capital, have already increased by 20 percent, the company said.

Turnover of lots to owners will start by year-end of 2019.

'We expect property prices to even soar higher once we near completion of the Shophouse District's land development,' said Eugene Em Lozano, the company's first vice president for sales and marketing.

The 6.3-hectare Shophouse District in San Fernando, Pampanga, is composed of 98 lots ranging from 276 square meters to 680 sq m. It allows lot owners to build their own three-level Shophouse in neoclassical and art-deco architecture. They can use the ground and second levels for commercial purposes, while the third level may be used as business owner's residence.

Businesses such as retail, food and beverage, pet shops, fashion boutiques, outpatient clinics, product showrooms, outpatient clinics and boutique hotels may be allowed in the Shophouse District.

Al fresco lots are also available to those who require outdoor-seating areas, such as cafes and restaurants.

Almost 40 percent of the entire Shophouse District is dedicated to open spaces, including alleys, roads and easements.

'The core concept and idea of the Shophouse District is to provide a venue for local entrepreneurs of Pampanga and nearby provinces to showcase their products and masterpieces by building their businesses with us,' Lozano said.

Capital Town is Megaworld's first township development in Central and Northern Luzon. Once completed, the township will also be home to residential condominiums, mall and retail developments, office towers, amphitheater, open parks and gardens, and a museum.

The township will also be home to Central Luzon's biggest McDonald's store, which will open in the next two years.

The township's site was formerly the Pampanga Sugar Development Co., which played a significant part of history of Pampanga's capital.

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Publication:Business Mirror (Makati City, Philippines)
Date:May 28, 2018
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