Land prices in Megaworld’s Alabang project rose 50%

PRICES of lots in Alabang West Village of Megaworld Corp.’s unit Global-Estate Resorts Inc. (Geri) have gone up by as much as half, just a little over three years after its launch, the company said.

From P47,000 per square meter in November 2014, Alabang West Village lots are now being sold at P70,868 per sqm.

The entire village, composed of 788 prime residential lots with a combined current value of around P14 billion, is now 90-percent sold.

“We see property values in Alabang West to even double within five years as we witness this side of Alabang to be growing rapidly,” said Rachelle Peñaflorida, vice president for sales and marketing, Megaworld Geri. In 2016 independent research firm Cuervo Far East identified the Southern Manila West Growth Area, which includes Alabang, to experience average annual appreciation of property prices by around 10 percent to 15 percent due to new developments within the area. Earlier this year, Geri has started the turnover of the residential lots of Alabang West Village as as it also ramps up the development of the 12.3-hectare commercial area inside the the 62-hectare Alabang West township.

To be called Rodeo Drive, the 1.2-kilometer stretch will have rows of commercial and retail establishments. A major mixed-use development is also set to rise at the southernmost part of the township. Within the first half of this year, Landers Superstore will open on a 2-hectare property within Alabang West, the first Landers store in the southern part of Metro Manila.

Beside Alabang’s high-end communities and golf course, the township is accessible through major access points in South Luzon Expressway, including Alabang Exit, Filinvest Exit, and the newly opened Daang Hari Exit.

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Turning Points 2018