LISTED property developer Megaworld Corp. is set to build a two-tower residential condominium development in Bacolod City as part of its portfolio expansion.
The company said the development, called Kensington Sky Garden, will be a 26-storey two-tower residential condo development within its Upper East township in Bacolod.
“Megaworld is expecting to generate around P5 billion in sales from this new property, which is scheduled for completion in 2029,” the company said in a stock exchange disclosure on Wednesday.
Kensington Sky Garden, located at the corner of Upper East Ave. and Bentley St., will offer 643 “smart home” units. The company said the Kensington Sky Garden will be its tallest residential condo in the Visayas to date.
Megaworld said units at Kensington Sky Garden start from a studio and executive studio of up to 40 square meters (sq.m.), one bedroom of up to 56 sq.m., two bedrooms of up to 90 sq.m., and three bedrooms of up to 110 sq.m. All unit sizes will have either a balcony or a lanai.
Each unit will be equipped with a wireless smart home system and devices with Wi-Fi routers that can be accessed remotely via a dedicated phone app. The technology allows residents to control several unit features such as lighting fixtures and other smart appliances in the living, kitchen, and dining areas as well as the bedroom.
The amenities at Kensington Sky Garden include an adult pool and kiddie pool, pool bar, landscaped areas, outdoor fitness area and children’s play area, gazebo, reading nooks, fitness center, daycare center, and game and entertainment room.
The ground-level exterior will also feature several retail spaces, while two basement levels will be allocated for parking.
Kensington Sky Garden will also have features such as a private dining hall, a function room, skydecks at the 14th and 26th levels of each tower, a shared outdoor sitting lounge on the fifth floor, and an electric vehicle charging facility at the basement parking area.
Meanwhile, the sustainability features of the development include low flow rate fixtures for water conservation, occupancy sensors in hallways and parking floors to conserve energy, LED lights for units and common areas, a rainwater harvesting system, and a materials recovery facility.
Aside from Kensington Sky Garden, Megaworld’s 34-hectare Upper East township also houses four other residential developments such as One Regis, Two Regis, One Manhattan, and Herald Parksuites, which have a combined total of 1,028 units.
The company is also expected to begin the construction of the 300-room Kingsford Hotel and the Upper East Mall by next year.
Megaworld recorded P7.9 billion in attributable net income in the first six months, a 34% improvement from P5.9 billion a year ago, due to surging demand in the property sector.
On Wednesday, shares of Megaworld at the local bourse closed unchanged at P1.98 each. — Revin Mikhael D. Ochave