MANILA, Philippines – Andrew Tan-led property developer Megaworld Corporation is betting on the growing development of Cavite, with plans of adding a new central business district (CBD) to the province.
In a disclosure to the Philippine Stock Exchange (PSE) on Monday, November 20, Megaworld announced it is set to build a 35-hectare CBD within its 140-hectare Maple Grove township in General Trias, Cavite.
The planned CBD, dubbed the Maple Grove Commercial District, is inspired by the master plan of the country's premier financial district in Makati City.
Megaworld said it will offer 363 prime lots to businesses, ranging from 360 square meters (sqm) to 1,008 sqm. The total projected sales for the commercial lots is expected to reach P9 billion.
"We are creating sub-districts that lead to a 6-lane main avenue. The entire development will be surrounded with green and leisure parks and the streets, composed of secondary and service roads, will be interconnected in a way that everything becomes accessible wherever you come from," said Megaworld vice president for sales and marketing Rachelle Peñaflorida in the disclosure.
The planned CBD will feature 7 green parks across the development, including a main Central Park.
Megaworld said completion of the Maple Grove Commercial District will be in 2022, after which lots would be turned over to owners. Lot owners are expected to construct their buildings within 5 years from turnover.
New infrastructure, including the existing Manila-Cavite Expressway (Cavitex) and the Cavite-Laguna Expressway (CALAX) set to open in 2020, have raised interest in Cavite.