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Megaworld, Fil-Estate bare venture

Posted on January 24, 2011 10:35:59 PM [ BusinessWorld Online ]
ALLIANCE GLOBAL Group, Inc.’s property units Megaworld Corp. and Fil-Estate Land, Inc. are set to team up for a tourism-oriented property project.
In a disclosure, the two firms said the Twin Lakes Resorts project will have an initial phase of 1,149 hectares and will cost P5 billion.
Twin Lakes will be a “prime destination for medical and educational tourism over time” and will boast a number of “premium amenities while taking advantage of the cool climate and vast land size in Tagaytay.”
Sylvia M. Hondrade, vice-president of Fil-Estate, was quoted in the disclosure as saying: “The entire community will be developed by phases and will become the country’s most integrated tourism estates.”
The initial development of Twin Lakes will include a luxury hotel, residential villas and condominiums, a shopping village, a botanical garden, sports and country clubs and plantation estates.
This will be followed by a golf course, international hotels, boarding schools, and a retirement village “complete with wellness and medical amenities.”
Early this month, Alliance Global bought 60% of Sobrepeña-led Fil-Estate Land for P5 billion. Alliance Global wants to develop more than 1,000 hectares of tourism-oriented communities. -- VJJ

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