Megaworld hikes capital spending for Cavite project

MANILA, Philippines – Real estate giant Megaworld Corporation said it has hiked its 10-year capital spending to P15 billion to accommodate its planned township in General Trias City, Cavite.

In a statement, Megaworld chief strategy officer Kevin Tan said they will already begin land development and construction of the 140-hectare Maple Grove township this year.

"We are fast-tracking the developments in Maple Grove as we see a growing demand from both residential and office markets in this area," he added.

Aside from having its own transport hub, the Maple Grove township will also house Cavite's first Megaworld mall and a two-hectare rainwater park, which will help contain rainwater runoff and also serve as an irrigation system.

"We will complete the construction of the mall within two years alongside the land development, as we expect the Maple Grove community to grow fast in the next 5 years," Tan said.

Inspired by a greenhouse design, the two-level, 24,000-square-meter mall will make use of natural sunlight and gray water recycling facilities. Gray water refers to used water which does not contain any fecal matter.

Megaworld already began to lay foundations in General Trias City two years ago, when it launched the 35-hectare Maple Grove Commercial District. It houses 363 prime lots with a total inventory value of P9 billion.

"General Trias is a key growth city in Cavite. We look forward to building its own 'green' CBD (commercial business district), and this is happening in the next 5 to 7 years," Tan said.

In 2018, the firm launched Verdin, a 10-storey residential development, and the 17-storey One Corporate Place. – Rappler.com