posted May 17, 2016 at 11:45 pm by Jenniffer B. Austria [ thestandard.com.ph]
Megaworld Corp., the property development unit of tycoon Andrew Tan, is investing P10 billion to transform a 140-hectare property in General Trias, Cavite into the company’s 21st township project.
Megaworld said the new township called Maple Grove would have a mix of residential, retail, office and institutional components in line with the company’s thrust to develop the vast property into another world-class mixed-use development.
“In the last 27 years, we have built townships that cater to the evolving lifestyles of Filipinos. As we continue to expand our township footprint in key growth areas across the country, innovation and design will be a significant factor in our masterplans,” Megaworld senior vice president Jericho Go said in a statement to the stock exchange.
“An integral part of the township’s masterplan will be on sustainability and environmental responsibility. We hope to see our future stakeholders in Maple Grove live, work and play in a smart and green community,” Go said.
The property is located 45 minutes away from Makati City and other commercial business districts via Coastal Road and Cavitex. Maple Grove is at the entry point of the booming industrial and residential center of the Cavite-Batangas corridor.
This will be Megaworld’s fourth integrated urban township development in the booming growth area. The company has over 2,000 hectares of land in this corridor alone.
Megaworld subsidiary Global-Estate Resorts Inc. is also developing Twin Lakes, a 1,300-hectare integrated tourism estate development near Tagaytay and Southwoods City, a 561-hectare township surrounded by its own golf course in the boundaries of Cavite and Laguna.
Another development, the 350-hectare Suntrust Ecotown of Megaworld’s wholly-owned subsidiary, Suntrust Properties, Inc., is rising as a mixed-use township in its own industrial park in Tanza, Cavite.
“The trajectory for growth in that area south of Manila is unprecedented in the last 10 years, and we see a lot more opportunities in the real estate sector in this corridor,” Go said.
Megaworld saw its net income climb 12.1 percent in the first quarter to P2.63 billion from P2.35 billion in the same period last year, boosted by strong rental and residential sales.
Consolidated revenues rose 9.5 percent in the three-month period to P11.46 billion from P10.47 billion a year ago.