Megaworld launches ultra luxury residential brand

Megaworld Corp., known for its township developments and lifestyle malls, is launching an ultra luxury residential brand in response to shifting consumer demand.

During their annual stockholders' meeting on Friday, Megaworld president Lourdes Gutierrez-Alfonso announced the creation of a new group to manage the Megaworld Signature Collection, set to launch this year.

The move follows sustained high demand from affluent buyers and is seen as timely amid elevated mortgage rates, which typically have less impact on the high-end market.

Megaworld's entry into the ultra-luxury segment aims to complement its existing portfolio of townships and horizontal developments, tapping into a market with limited unsold inventory compared to other segments.

The company's new brand will offer residential properties in scarce locations across the Philippines, typically available only once or twice a year.

Megaworld’s net income increased by 16 percent to P5.83 billion in the first quarter, driven by strong demand for its townships outside Metro Manila.