050307: Manhattan Garden to get P3.5B

By Max V. de Leon

reporter

MEGAWORLD Central Properties Inc., a joint venture of Megaworld Corp. and the Araneta Group, is allocating P3.5 billion for the development of the three-tower Phase 1 of the Manhattan Garden City inside the Araneta Center in Cubao, Quezon City. Anthony Charlemagne Yu, president of Megaworld Central Properties Inc., said the amount will be spent over the next four years for the construction of the condominium towers and the landscaping. The initial phase of the Manhattan Garden City will cover five hectares, with two hectares allotted for the three condominium and the remaining three hectares for the landscaping, pool and other amenities. Each tower will have 28 floors, with the ground level open for commercial establishments and the second to fourth floors for parking spaces. Residential units will start at the fifth floor. Each floor will have 20 units. Yu said prices range from P1.7 million to P5.9 million per unit. The sizes of the units will range from 22.5 square meters to 78 square meters. Yu announced that Megaworld is now preparing for the groundbreaking of Manhattan Garden City this July, right after the Araneta Center turns over the property this coming June. Under the joint venture agreement, Megaworld will spend for the development while the Araneta Group will contribute the land. “We sold out Tower 1 last January, and after launching Tower 2 last February,” Yu said. “We have already sold almost half of our inventory as of the first week of April. The market has received Manhattan Garden City warmly.” Manhattan Garden City is a major part of the  redevelopment of the Araneta Center into a thriving shopping, residential, business and leisure hub. It is the country’s first and only transit-oriented development that boasts of direct connection to both the LRT2 and MRT3 lines, thus making it easy and practical for residents to travel within the Metropolitan area. The development also features a variety of amenities ranging from the passive to semi-active and active, thus giving residents a wide array of choices to enjoy their time with their loved ones, according to Yu. “The project also benefited well from Megaworld’s partnership with Security Bank. Their home loan, called  Homelite, offers homeowners low interest rates, as low as 5.50 percent. Terms can be as short as five years to as long as 25 years. As a pilot project for Homelite, Manhattan Garden City gives aspiring first-time homeowners flexibility in terms of their budgets,” Yu said.

 

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