050307: Megaworld, Aranetas tie up for P3.5-B Cubao condo project

By Ma. Elisa P. Osorio
The Philippine Star 05/03/2007

The Araneta Group has entered into a joint venture with Megaworld for the development of a five-hectare property in the heart of Cubao in Quezon City.

The Araneta Group will provide the land while Megaworld will infuse P3.5 billion over a period of four years to develop a condominium project dubbed Manhattan Garden City.

The groundbreaking ceremony will be held in July right after the Araneta Center turns over the property this coming June.

In a statement, Anthony Charlemagne Yu, president of Megaworld Central Properties Inc., said the investment covers the first three towers of this Manhattan-inspired project.

The condominium will be ready for turnover by 2011.

"We sold out Tower 1 last January, and after launching Tower 2 last February, we have already sold almost half of our inventory as of the first week of April. The market has received Manhattan Garden City warmly," he said.

Manhattan Garden City is a major part of the re-development of the Araneta Center into a thriving shopping, residential, business and leisure hub.

Megaworld said, it is the country’s first and only transit-oriented development that has direct connection to both the LRT2 and MRT3 lines. It likewise features a variety of amenities ranging from the passive to semi-active and active.

Prospective buyers, Megaworld said, can avail of the Homelite promo of Security Bank wherein the bank offers 5.5 percent interest rates. "As a pilot project for Homelite, Manhattan Garden City gives aspiring first-time homeowners flexibility in terms of their budgets," Yu explained.

 

http://www.philstar.com/philstar/NEWS200705030702.htm