Megaworld to spend P5B for Antipolo community dev't
MANILA, Philippines – Condominium builder Megaworld Corporation will spend P5 billion in the next 5-7 years to develop a 640-hectare property in Antipolo, Rizal, into an integrated lifestyle community.
Megaworld, through its unit Global-Estate Resorts, Incorporated (GERI), said the whole community development called Eastland Heights will have a 36-hole golf course as well as residential, commercial and retail, and institutional components.
"This new community will allow Megaworld to further expand its presence in the popular area of Antipolo, which is very accessible to the major cities in Metro Manila. We capitalize on the scenic views and fresh air in this location, which can be the development's key strengths," GERI president Monica Salomon said in a statement on Monday, December 12.
Salomon said more than 100 hectares of the property will be allocated for residential villages, while the 36-hole golf course and country club will occupy around 20% of the entire development.
The property is known for its rolling terrains on the foot of the scenic Sierra Madre Mountain Range.
Eastland Heights will be the latest township development in the growing roster of developments by Megaworld, and its subsidiary brands GERI, Suntrust Properties, and Empire East Holdings.
GERI grew its net income by 41% to P754 million for the first 3 quarters of 2016, from P534 million in the same period last year.
The company's total revenues for the first 9 months amounted to P4.4 billion, up 15% year-on-year compared to the P3.8 billion in the same period last year.
Megaworld currently owns 82.3% of GERI. – Rappler.com