GLOBAL-ESTATE Resorts, Inc. (GERI) is rolling out the second tower of its residential condominium Tulip Gardens at its Laguna township, which is expected to generate P1.3 billion in sales.
The leisure and tourism property unit of Megaworld Corp. said the 22-storey Burgundy Tower will offer 361 residential units sized up to 24.5 square meters (sq.m.) for studio, and up to 41.5 sq.m for one-bedroom with balcony.
The Burgundy Tower will feature amenities such as jogging paths, adult and kiddie pools, pool deck and cabanas, a fitness center, indoor playroom and outdoor playground, as well as a multipurpose hall for functions and gatherings.
GERI expects to complete the tower by 2024.
Tulip Gardens is located within Megaworld’s 561-hectare mixed-use estate called Southwoods City covering the boundaries of Cavite and Laguna. GERI said the residential project is within walking distance of Southwoods Mall, its 58,000-square meter mall that opened in 2017, as well as the Sto. Niño de Cebu Parish.
The launch of the Burgundy tower follows the strong take-up seen in Tulip Gardens’ first tower in July 2018. Before Tulip Gardens, the company introduced its first residential project called Holland Park in 2015.
The company noted all four towers of Holland Park, comprised of 622 units worth P2.7 billion, were sold out.
“The interest of buyers in Southwoods City is overwhelming, and this has been the trend since we introduced our first residential development, the Holland Park, three years ago,” Megaworld Global-Estate, Inc. Vice-President for Sales and Marketing Mary Rachelle I. Peñaflorida said in a statement.
GERI attributed the demand for properties in Southwoods City to its proximity to business districts in Metro Manila, noting that it is 30 minutes away from the Makati Central Business District and Fort Bonifacio. It is also 10 minutes away from the business district of Alabang.
The company’s net income rose by 14% to P1.29 billion in the first nine months of 2018, following a seven percent uptick in consolidated revenues to P5.25 billion.
Shares in GERI jumped 1.57% or two centavos to close at P1.29 each at the stock exchange on Tuesday. — Arra B. Francia
