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Megaworld, Fil-Estate Land tie up in Tagaytay

[ ] January 25, 2011
Fil-Estate Land Inc. and Megaworld Corp. are jointly pursuing the development of Twin Lakes Resort Estates in Tagaytay City into a world-class tourism-oriented community.
The two property developers said in separate disclosures to the Philippine Stock Exchange Monday that the development covered over 1,149 hectares of land in Metro Tagaytay.
Fil-Estate has started a master plan for Twin Lakes, which offers resort estates overlooking panoramic views of its own lake as well as Taal Lake.
“The entire community will be developed by phases and will become the country’s most integrated tourism estate,” said Fil-Estate vice president Sylvia Hondrade.
The project is to be developed in phases.
She said the initial phase of the development would include a luxury hotel, residential villas and condominiums, a shopping village, botanical garden, sports and country club and plantation estates.
She estimated the project cost of the initial phase to exceed P5 billion.
“Twin Lakes stretches from Tagaytay’s mountain peak down to its lakeside. The project’s vast land size opens up a lot of possibilities for development,” said Hondrade.
Succeeding phases will offer a golf course, international hotels, boarding schools and a retirement village complete with wellness and medical amenities.
“We want to take advantage of the cool weather in Tagaytay. Our ultimate goal is to transform these resort estates into prime destinations for medical and educational tourism over time,” said Hondrade.
The two companies had planned the joint venture as early as two years ago but the global financial crisis deferred the project.
Fil-Estate and Megaworld had also planned to team up on projects in Batangas, Tagaytay, Daang Hari and Iloilo, including Twin Lakes and Sta. Barbara in Iloilo, a mixed-use project near a newly-opened airport there.
The two developers had put in P2 billion worth of assets in Taal Ridge Corp., the joint venture for the Twin Lakes project.
Fil-Estate shares lost P0.10 to close at P1.97, while Megaworld ended at P2.03, down P0.03. Elaine Ramos Alanguilan

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