MANILA, Philippines – Andrew Tan-led Megaworld subsidiary Global-Estate Resorts Incorporated (GERI) announced it is planning to spend P4.5 billion in 4 years to accelerate the development of projects in its 1,200-hectare Twin Lakes township near Tagaytay.
"From the P5-billion capital expenditures set for the development of Twin Lakes for 10 years starting 2012, we further increased it to P7 billion as we introduced more projects within the township," said GERI president Monica Salomon in a disclosure to the Philippine Stock Exchange on Thursday, September 21.
"So far, we've already spent P2.5 billion and the remaining P4.5 billion will be spent in the next 4 years. We are certainly bullish about accelerating the developments within Twin Lakes within the given time frame," she added.
The capital, GERI noted, will go to land development of the residential villages, construction of the residential condominium projects and Twin Lakes Hotel, as well as the expansion of commercial developments and leisure facilities within the township.
GERI is set to turn over around 151 units of the two towers of the first residential condominium development in the township, The Vineyard Residences, before the end of the year. It has a total of 245 units offering views of Taal Ridge and surrounded by a vineyard.
The firm noted that prices of units have risen by 15% since the project's launch in 2012, so far bringing in revenues of P3.5 billion.
Aside from the condominium developments, GERI has also launched two residential villages within the estate: Domaine Le Jardin and Lucerne, which encompass a total of 838 lots.
GERI said lot prices in Domaine Le Jardin have increased by 21% since its launch in 2012, while lot prices in Lucerne have risen by 5% since its launch last year.
According to the firm, around 30% of the tourism estate has been allocated for residential developments, with 10% set aside for commercial and retail as well as the hotel and resorts. The rest of the estate will be for educational and medical institutions and other future developments.