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Real Estate + Properties
Real Estate News Roundup (July 9 to 22, 2019)
Read about Megaworld's third project and news on the housing situation of the country.
By: Shanice Reyes | July 09, 2019
Property developer and leading real estate developer Megawold Corporation is on a roll constructing projects all over the country. The company has launched its third residential building in McKinley West, a 25-story high tower. Meanwhile, housing groups have been requesting the government to speed up the construction of processing centers. This is pushed to address the housing backlog that the country currently faces. To catch up on the latest real estate news, find out more down below!
Project Announcement: Another tower in the works at McKinley West by Megaworld
Megaworld has launched the third tower in its 34.5-hectare McKinley West development in Fort Bonifacio. This comes after successfully selling units in the first and second residential tower just months after their release. The third 18 billion-peso tower will be standing 25 stories high, with spacious units ranging from 70.5 square meters up to 336 square meters.
The property will have a roof deck garden and a sky garden. Future residents can also enjoy water activities in the swimming pool and children’s pool. There will also be a yoga room, outdoor yoga deck, and a fitness center for gym rats and health enthusiasts. Lastly, unit owners can socialize and play in the in-building function room and game and entertainment room.
The residential tower will open its ground level to retail stores and restaurants and will have a three parking level facility. The tower is expected to be completed by 2024 [1].
Related News: Housing groups request for One-Stop Processing Centers
The Organization of Socialized and Economic Housing Developers of the Philippines (OSHDP) and the Socialized Housing Alliance Roundtable Endeavor (SHARE) requested the government to rush the establishment of one-stop processing centers for housing projects. This is to address the six-million housing backlog in the country.
The newly created Department of Human Settlements and Urban Development (DHSUD) passed Section 23 of RA 11201, which requires the development of one-stop processing centers.
A report by the Housing and Land Use Regulatory Board disclosed a 25.75% decrease in housing projects from 2017 to 2018. According to the report, 742 projects with 274,545 units were logged in 2017, while only 579 projects with 204,344 units were available the following year [3].
The groups are requesting funds from the Department of Budget and Management for the one-stop processing centers, as the project wasn’t included in the National Appropriations Budget.
Sources:
[1] http://bit.ly/30ilcEV
[2] http://bit.ly/2JtnytN
About Shanice Reyes
Shanice Reyes writes to buy herself good coffee and bike parts. When she's not writing, you can find her playing Ultimate Frisbee, traveling to new places, or hanging out with her dogs and tarantulas. Though she has an irrational fear of heights, she'd love to try sky-diving one day.
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