Sunday, December 16, 2007

MEG - news

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Local property giant Megaworld Corp. will put up "the most expensive" residential project at the heart of the country's foremost central business district in Makati City. "We are ready to launch a P5.5-B, high-end residential condominium building at a pivotal crossroads on the financial section of the Makati CBC," said Megaworld chairman Andrew Tan. "For a single-tower project to be valued at P5.5 B, that makes it the most expensive project of its kind anywhere in the country," he pointed out. Megaworld's residential tower will rise above the junction of Sen. Gil Puyat Ave. extension and Ayala Ave. in Salcedo Village, Makati. The site was formerly occupied by a Shell gasoline station. "That location is known as the 'choicest' intersection in the Makati business and financial district. It positions our project right next to some of the most prestigious business landmarks in the country," said Tan. The project will be marketed as One Central. "The name 'One Central' is our way of paying tribute, first, to the project's unmatched central location and, second, to its unique theme-cum-positioning as the 'No. 1 residential address' in the Makati CBD," Tan said. "One Central has been conceived for an exclusively high-end market. We envision it to be the address of choice for the country's success stories." Megaworld has put together a world-class development team to conceptualize, plan and execute the project. The team includes American design consultant Preben Kent and international structural consultant Over Arup + Partners. "The high-rise residential tower will be covered from top to bottom with glass. Its lobby will be interior -designed by Gettys Chicago, and it will have the look of a five-star hotel," said Tan. Megaworld had earlier planned to name the project "The Trumps" after the world trump, which means "to excel, surpass or outdo." "However, in opting to use One Central, we are by no means relinquishing our right to use the mark 'The Trumps' in any of our real estate projects in the Philippines," said Tan. Megaworld is facing American real estate developer Donald J. Trump in legal proceedings over Megaworld's right to trademark "The Trumps" in the Philippines. The case is now pending in the local Intellectual Property Office (IPO). "We believe Megaworld has a strong legal position," said Tan. "But we are prepared to abide by the IPO's decision, whichever way it goes." "We'd like to thank Mr. Trump for generating a lot f interest in One Central in the last few days. - Technistock/Citiseconline

MEG = 3.85 (-3.8%)

MEG formed a black candle with lower high and lower low with increased volume.

65MA acting as resistance while 130MA acting as support

Good luck to all MEG traders!
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