PH1 World, a subsidiary of Megawide Corporation led by entrepreneur Edgar Saavedra, is set to launch an ambitious residential condominium project in Pasig City, eastern Metro Manila. The company anticipates generating up to 30 billion pesos ($517 million) in sales over the next decade. This development, named Lykke Kondo, features 3,024 units spread across six 28-story towers, with prices ranging from 5 million pesos for studio apartments to 10 million pesos for larger two-bedroom units. The project reflects Saavedra’s strategic pivot towards property development and renewable energy as he seeks to restore his personal wealth following financial setbacks during the pandemic.

The Lykke Kondo project embodies a blend of functionality and elegance, drawing inspiration from Scandinavian design principles. Each tower offers a variety of unit sizes to cater to different needs, ensuring there is something for everyone. With units starting at 33 square meters and going up to 82 square meters, this development aims to attract middle-income buyers while also addressing the broader housing demand in the Philippines. The decision to venture into this segment is well-aligned with the country’s significant housing backlog, which stands at approximately 6.5 million homes. This gap presents a stable market for developers like PH1 World, providing ample opportunity for growth.

Saavedra’s strategic shift into property development and renewables has already begun to bear fruit. His return to Forbes Asia’s list of the Philippines’ richest individuals in August 2023 marks a notable comeback after a four-year absence. During the pandemic, Saavedra faced substantial financial challenges, including divesting from a Philippine airport venture with India’s GMR Infrastructure. However, his diversification efforts have paid off, with a net worth of $270 million when the Forbes list was published. This resurgence underscores his resilience and adaptability in navigating economic uncertainties.

Beyond the mid-income segment, PH1 World plans to expand its portfolio to include more affordable housing options priced below 2.5 million pesos. This move aligns with the company’s commitment to addressing the diverse housing needs of Filipinos. By tapping into the lower segment of the market, PH1 World aims to capitalize on the steady demand driven by the housing backlog. As the company continues to grow, it positions itself as a key player in shaping the future of residential developments in the Philippines, offering quality living spaces that meet the evolving needs of residents.