Megaworld Earmarks US$200m for Luzon Projects


Philippine property giant Megaworld (PSE:MEG) is allocating around P10 billion (US$200 million) to strengthen its presence in various provinces in Luzon.

In a disclosure to the Philippine Stock Exchange (PSE), the company said its P10-billion capital spending for this year will be for the various Luzon development, including the construction and completion of more residential, office, commercial, and hotel developments.

These projects are Twin Lakes near Tagaytay and Southwoods City in Cavite-Laguna area and the Capital Town in San Fernando, Pampanga and Eastland Heights in Antipolo, Rizal.

“There is so much opportunity here in Luzon and we believe that after aggressively expanding in the Visayas and Mindanao, it is time to give focus on our Luzon developments. But of course, we will still simultaneously and continuously develop our existing townships all across the country,” says Jericho Go, senior vice president, Megaworld.

Aside from Megaworld’s existing developments, Go said the township developer is eyeing on the expansion of its development portfolio, particularly for its new concept of ‘integrated lifestyle community’, in other Luzon provinces down south and all the way up north.

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Last week, Megaworld announced that it is scheduled to start the construction of its 21st township, Capital Town, in the City of San Fernando in Pampanga this year.

The new township, located near the Pampanga Provincial Capitol, will have a cyberpark, mall, museum, leisure parks and shophouse district with wide avenues and boulevards that connect the township to major roads in San Fernando leading to the North Luzon Expressway (NLEX) and Clark International Airport.

The company has also commissioned local and foreign experts on flood prevention and control to address issues related to flooding in the area.

The company, through its subsidiary Global-Estate Resorts, Inc. (GERI), is also completing the land development and township infrastructure in the 1,200-hectare Twin Lakes, particularly in its first residential projects – Domaine Le Jardin Village and The Vineyard Residences, which will start turning over this year.

The first phase of the 10-hectare vineyard, where grapes will be grown, is also being set up within the township. Moreover, the first and only hotel in the township, the Twin Lakes Hotel, is also in its final construction phase and is ready for completion next year. –