(Source: Businessworld | 13 December 2016)
In a statement issued on Monday, the listed property company said GERI will develop 640 hectares along Marcos Highway in Antipolo, Rizal within the next five to seven years.
The mixed-use development, Eastland Heights, will feature a 36-hole golf course and country club, which will occupy around 20% of the entire property known for rolling terrains on the foot of the Sierra Madre Mountain Range.
“We capitalize on the scenic views and fresh air in this location, which can be the development’s key strengths,” GERI President Monica T. Salomon said in the statement.
Aside from the golf course and country club, the new community will have a residential area, a commercial and retail center and an institutional component such as a school.
“More than a hundred hectares will be allocated for residential villages. But in the next few years, we will be adding some commercial and retail components to make this community more exciting,” Ms. Salomon said.
Megaworld is known for developing urban townships hosting office buildings in addition to commercial and retail spaces, residences and institutions. GERI, meanwhile, focuses on integrated tourism estates.
“Developments that only have residential, commercial and leisure components will form part of our ‘integrated lifestyle communities,’” Megaworld Senior Vice-President Jericho P. Go noted in the statement.
“Those that offer the complete Live-Work-Play components, on the other hand, will be under our integrated urban township developments,” the executive added.
Megaworld started its township developments with the 18-hectare Eastwood City in Quezon City. It unveiled earlier this year the 21st project under the format: the 140-hectare Maple Grove in General Trias, Cavite.
Eastland Heights represents the first integrated lifestyle community launched by Megaworld, adding to the 21 townships being developed mostly outside the National Capital Region and other projects under subsidiary brands GERI, Suntrust Properties, Inc. and Empire East Land Holdings, Inc.
“Our development mix will become more diverse to cater to every need and demand of a particular locality,” Mr. Go noted.
In the nine months to September, Megaworld booked an 11% year-on-year increase in net income to P9.27 billion from P8.35 billion, after growing its revenues by 5% to P35.36 billion from P33.53 billion.
The company particularly benefitted from the expansion of its office and commercial/retail portfolio that delivered 15% more rental income at P7.41 billion during the first nine months.
– By Keith Richard D. Mariano