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News Real Estate Koreans buying up condos in Fort Boni
News Real Estate Koreans buying up condos in Fort Boni
| Koreans buying up condos in Fort Boni |
| Sunday, 13 July 2008 22:17 | ||||||
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The two projects that virtually lured Korean buyers were The Venice, the company’s high-end residential condominium cluster in Fort Bonifacio, Taguig City, and 8 Forbes Town also in Fort Bonifacio. Megaworld first vice president for marketing, Noli Fernandez said there were commitments in terms of unit volume at The Venice worth P6 billion. This translates to about 900 of the 1,000 units in the condominium’s initial phase. The total of the condominium is 2,300 units. Megaworld has also signed a memorandum of agreement with Korean real-estate consultancy MSH Inc. and its affiliate legal advisory firm Philseoul Inc. to attract more Korean investors to set up their businesses and residences within its 50-hectare McKinley Hill township project in Fort Bonifacio. MSH was established by its president Jung KyungSun to invest in the booming Philippine real estate sector. Philseoul has provided legal advisory services to foreign nationals investing in the Philippines since its incorporation in 2006. Korean buyers of units consist of retirees and parents of students taking courses in the Philippines. For 8 Forbes Town, South Koreans have committed to buy P1.5 billion worth of units. This translates to about 120 units out of the project’s total of 570. Construction of the condominium project will start next year with targeted completion by 2012. The Venice will be built on a 2.1-hectare site within the 50-hectare McKinley Hill, Megaworld’s largest new township project to date. Its seven towers have an estimated value of P12.5 billion. Construction is targeted to start next year for the first of seven towers. The whole project may be completed in the next five to seven years. Average prices for the 31-story The Venice are P3.6 million for a 40.3-square-meter studio, P6 million for a 66.4-sqm, one-bedroom unit, P9.5 million for a 102.6-sqm, two-bedroom unit, and P11 million for a three-bedroom, 119.5-sqm unit.
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