Ultra-luxury space attracts Megaworld

Megaworld is entering the ultra-luxury residential space, introduces Megaworld Signature Collection brand. 

MANILA, Philippines –  Shifting consumer demand has pushed Megaworld Corp., known for its township developments as well as its lifestyle malls, to pursue an ultra luxury residential brand.

During their annual stockholders’ meeting on Friday, Megaworld president and CEO Lourdes Gutierrez-Alfonso confirmed the launch of Megaworld Signature Collection.

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“We are creating an entirely brand new group to handle our Megaworld Signature Collection,” Alfonso said. “We will be launching our inaugural project for this category within the year.”

This comes amid growing demand for more expensive residential developments as companies navigate a condo glut in Metro Manila, mainly in the middle-income segment.

For its part, Megaworld partly credited its income growth to strong demand for its townships outside the National Capital Region.

In the first quarter, Megaworld’s bottom line jumped by 16 percent to P5.83 billion.

Real estate sales climbed by 8 percent to P13.09 billion.