GLOBAL-ESTATE Resorts, Inc. (GERI) is embarking on a new residential project at the boundaries of Laguna and Cavite, which it expects will raise P1 billion in sales once completed.
The listed subsidiary of Megaworld Corp. said in a statement Tuesday it is launching the Upland Villas—rows of two-story townhouse and duplex villas—within the 26-hectare Pahara residential village located in the 561-hectare Southwoods City.
Pahara residential village and Southwoods City are both operated by Megaworld.
GERI will offer 65 units in the new development, and each of it will have its own living and dining areas, maid’s room, bathrooms, bedrooms and a lanai.
The project is scheduled for completion by 2024.
“…since we have easily sold out the lots of Pahara, this is an opportunity to own a property within this sought-after village inside Southwoods City,” Megaworld Global-Estate, Inc. Vice-President for Sales and Marketing Mary Rachelle I. Peñaflorida said in the statement.
Residents of Upland Villas will have exclusive access to the amenities of the Pahara residential village, which includes a clubhouse, swimming pool, fitness center, jogging paths, children’s playground, multi-purpose function area, yoga and reflexology garden, meditation and aromatic gardens and landscaped open spaces.
The two-story townhouse and duplex villas will also feature a modern and tropical architecture surrounded by flower and herb gardens.
“Set within the exclusive enclave on the hills of Southwoods City, Upland Villas is a unique residential offering where one can relax and enjoy the beauty of its natural surroundings,” Ms. Peñaflorida added.
GERI currently has three residential developments in Southwoods City equivalent to 2,237 units. It also has two office towers in the area through Megaworld Premier Offices.
The company’s attributable net income in the first nine months of 2019 increased 9% to P1.36 billion, while the attributable net income of its parent Megaworld rose 14% to P12.8 billion.
At the close of trading on Tuesday, shares in GERI at the stock exchange dipped 0.93% to P1.07 each, while shares in Megaworld fell 2.71% to P4.30 each. — Denise A. Valdez
