MEGAWORLD Corp. is ramping up its land bank in Cavite and Laguna
with the acquisition of a South Luzon-based real estate firm through
one of its subsidiaries.
In a statement issued Tuesday, Megaworld said its wholly owned unit
Suntrust Properties, Inc. recently acquired Stateland, Inc. The
financial details of the deal were not disclosed.
The 42-year old Stateland has existing developments covering over 200
hectares primarily in Cavite and Laguna, as well as some parts of Metro
Manila.
Stateland’s existing developments include horizontal residential
projects, such as the 4.34-hectare Villa San Lorenzo in Imus, Cavite;
the 23-hectare San Francisco Heights; 16.25-hectare Gran Avila, and
7.46-hectare Casa Laguerta, all in Calamba, Laguna.
The company’s latest project is its flagship community development
called Washington Place along Aguinaldo Highway in Dasmariñas, Cavite.
Washington Place spans 40 hectares and offers some 1,700 housing units
priced at around P1.7 million to P5.6 million.
Stateland also has developments around Metro Manila, having built
upscale pocket townhouse projects such as the Royal Circle Townhomes in
Parañaque City; Royal Garden Townhomes in Malate, Manila; Hillcrest
Townhomes in Quezon City; and Royal Chateau in Pasay City.
The company’s portfolio further includes residential and office
condominiums in Makati, Quezon City, San Juan, Mandaluyong, and in
Binondo, Manila.
Stateland is known to participate in the government’s shelter programs in areas with potential growth.
Aside from residential projects, Stateland has developed a number of
industrial and farm lots in Bulacan, Cavite, and Pasig City.
The acquisition also includes around 150 hectares of raw land and
other allied properties of Stateland, which will now be placed under
Megaworld’s portfolio.
For its part, Suntrust has residential communities in Dasmariñas,
Gen. Trias, and Silang in Cavite; Lipa, Batangas; Sta. Rosa and Calamba
in Laguna; and in Bacolod City. The company also has condominium
projects in Manila, Quezon City, Baguio City, and Davao City which cater
to the middle to upper income segment.
“Our goal is to further expand our developments in CALABARZON area
where the growth prospects are great. Stateland’s existing properties in
nearby provinces of Cavite and Laguna are impressive, and we are more
than excited for the opportunities to develop them,” Suntrust President
Harrison M. Paltongan said in a statement.
Mr. Paltongan will now sit as the new president of Stateland.
Stateland will now be folded into Megaworld’s portfolio. Megaworld is
the parent firm for tycoon Andrew L. Tan’s property investments,
including Global-Estate Resorts, Inc and Empire East Land Holdings,
Inc., among others.
Megaworld is under Mr. Tan’s Alliance Global Group, Inc., which also
has core interests in liquor, gaming, and quick service restaurants.
The company grew its attributable profit by 11% to P3.2 billion in
the first quarter of 2018, following a 10% uptick in revenues to P13.1
billion for the period.
Shares in Megaworld went up by a centavo or 0.23% to close at P4.41 each at the stock exchange on Tuesday. — Arra B. Francia
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