The real estate arm of the Megawideinfinity games Group has launched three new residential developmentsinfinity games, with another in the pipeline this year as it aims to clear the residential backlog within the Greater Metro Manila area, particularly in the affordable segment.

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Edgar Saavedra, president and chief executive of Megawide Construction Corp., told reporters during a media briefing last week that the total market value of the new projects under PH1 World Developers Inc. was around P52.8 billion.

The developer has so far launched the third tower of One Lancaster Park in Imus City, Cavite; Southscapes Trece Martires; and Lykke Kondo in Pasig City.

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One Lancaster, PH1’s flagship residential condominium project in Lancaster New City, spans 10 hectares.

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Unit prices are at around P134,000 per square meter (sq m), with buyers having the option to upsize by up to 17 sq m without additional costs.

Preliminary data from the BSP showed that net income rose to P95.2 billion as of end-July, up by 414 percent from the P18.5 billion in the same period last year.

The development will have a total of 13 buildings for a market value of more than P40 billion, Saavedra said, adding that these will be launched in phases.

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Meanwhile, Southscapes, PH1’s second horizontal development, will offer 343 units with prices ranging from P3 million to P10 million each.

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Southscapes’ market value is pegged at around P1.8 billion.

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The 1-hectare Lykke Kondo, the only new development within Metro Manila, will include three residential towers with 1,736 units.

Lykke Kondo’s so-called AddLoft technology allows unit owners to have 40 percent extra space by adding a customizable loft area.

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According to PH1, this will save buyers up to P4 million each.

Apart from these three projects, a low-cost housing development is also set to be launched within this year, according to PH1 president Gigi Alcantara.

“That’s where the shortage is,” Alcantara said, referring to the market segment.

Earlier, Saavedra said PH1 would focus on building properties within the affordable segment, or those worth between P2.5 million and P3.4 million, as Metro Manila grapples with an inventory surplus, mostly in the middle-income market.

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Megawide, whose other ventures include infrastructure, plans to raise up to P6 billion from an upcoming preferred share issuance as it beefs up its coffers for portfolio expansion. INQ

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