GERI investing P8B in Hamptons-inspired project

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GLOBAL-ESTATE Resorts, Inc. (GERI) is pouring in P8 billion for the development of its second integrated lifestyle community in Laguna over the next 10 years.

In a statement issued over the weekend, the leisure and tourism arm of Megaworld Corp. said the project called The Hamptons Caliraya will cover 300 hectares in Lumban-Cavinti, Laguna.

Surrounding Lake Caliraya, the development will feature residential villages and villas, a town center, two golf courses, clubhouse, shophouse district, resort hotel district, and a Marina Club. 

“The development’s key highlight is Lake Caliraya as the community revolves around the lakeside concept, inspired by The Hamptons New York, which has become a major vacation spot to America’s elite society,” Megaworld Global Estate, Inc. Vice-President for Sales and Marketing Glenn Heraldo was quoted as saying in a statement.

This will be the company’s second development in Laguna, as it has already established presence in the area through the 561-hectare Southwoods City along the boundaries of Biñan, Laguna and Carmona, Cavite.

One of the anchors of the estate will be The Hamptons Village, an 11-hectare lakeside residential village that will offer lots between 500 square meters (sq.m.) to 2,100 sq.m. GERI also noted the village will have close access to the lake and the Marina Club development, aside from having its own clubhouse and private marina.

“Aside from having an exclusive, upscale residential community, The Hamptons Caliraya is envisioned to be another tourist destination in the South,” Mr. Heraldo said.

The Hamptons Caliraya marks Megaworld’s 23rd township in the country, and the sixth being developed by GERI. The company’s previous projects are located in Boracay, Tagaytay, Cavite-Laguna area, Las Piñas City, and Antipolo.

Prior to The Hamptons Caliraya, GERI also announced that it will allocate an additional P4.5 billion for its Twin Lakes project in Tagaytay, pushing the total investment plan for the 1,200-hectare development to P7 billion. The company said this will help them fast-track development in the next four years. 

GERI reported a 70% increase in net income attributable to the parent for the nine months ending September to P1.13 billion, against the P666 million posted in the same period last year. This was driven by an 11% jump in revenues to P4.89 billion as the developer saw robust take-up in residential projects.

GERI’s parent Megaworld Corp. is the property development arm of tycoon Andrew L. Tan, who also has businesses in liquor, gaming, and quick service restaurants. — Arra B. Francia