MANILA, Philippines – Urban township developer Megaworld announced on Monday, June 1 the launch of its first upscale residential village outside of Metro Manila.
Called Forbes Hill, it will be about 20 minutes away from the downtown area of Bacolod City and only around 10 minutes from the new Bacolod People’s House through the new Circumferential Road. It is also 3 minutes away from the landmark, The Ruins; 10 minutes away from University of St. La Salle, one of the biggest universities in the province; and 15 minutes away from the new Bacolod-Silay Airport.
“This is the company’s first venture for a luxury village outside of Metro Manila as we recognize the sophisticated market in this wonderful province,” said Rachelle Penaflorida, vice president for sales and marketing, Megaworld Premier Bacolod.
Only 197 lots will be sold with sizes ranging from 449 to 861 square meters (sq m).
Prices start at P16,000 ($359.27) to P17,000 ($381.71) per sq m. Megaworld is eyeing to raise as much as P1.65 billion ($37.05 million) in sales from the launching of the project.
“This means there will only be 197 homeowners or even less in Forbes Hill. This is why exclusivity and privacy are guaranteed,” Penaflorida said.
Forbes Hill has a low density of only around 13 residential lots per hectare and around one-third of the entire village will be allocated for open and green spaces, and roads that are 12 to 20 meter wide.
It will have an events hall, fitness center, game room, entertainment room, lap pool, children’s pool, a gazebo park, and a basketball court.
Malls and commercial centers, along with office spaces and educational institutions will also be built in the Northhill Gateway township, where Forbes Hill is included.
Megaworld, along with its wholly-owned subsidiary Suntrust Properties, Incorporated and in partnership with the Lacson family, is developing the 53-hectare Northill Gateway, eyed to be a lifestyle district with residential villages; a 7.5-hectare mixed-use office and retail development; leisure and recreational hubs; and institutional facilities.
Megaworld has been a known developer of residential neighborhoods in Metro Manila such as McKinley Hill Village in McKinley Hill township, Fort Bonifacio; Corinthian Hills in Quezon City; McKinley West Village right beside Forbes Park; and the upcoming Beverly Hills-inspired Alabang West Village in the rising township of Alabang West in Las Piñas City.
Penaflorida said the upscale villages have seen their prices doubling in 3 to 5 years. For instance, McKinley West Village started selling at around P75,000 ($1,684.25) per square meter in 2010.
“Today, it is selling at P170,000 ($3,817.65) per sq m or a price jump of almost 130%. We expect Forbes Hill to also increase its value in the next few years as things rise within the township,” Penaflorida said. – Rappler.com
$1 = P44.53