By Arra B. Francia, Reporter
TYCOON Andrew L. Tan’s Megaworld Corp. is hiking the capital spending for its 140-hectare Cavite township to P15 billion, as the company pursues more vertical projects to take advantage of strong demand in the area.
The listed property developer launched Maple Grove in General Trias, Cavite in 2017, initially allotting P10 billion for its development in the next 10 years.
“We earlier intended to have more horizontal projects in nature but we started to see demand to go vertical…so the reason why we have a heightened capex because we’re now rethinking our strategy. We are actually going for more vertical developments,” Megaworld Chief Strategy Officer Kevin Andrew L. Tan said in a press brieifing in Pasay City on Wednesday.
Mr. Tan noted that they were able to sell out 363 commercial lots inside the Maple Grove Commercial District worth about P9 billion within six months after its launch in 2017. The lots range from 360 square meters (sq.m.) to 1,008 sq.m. in size.
Megaworld Vice-President for Sales & Marketing Mary Rachelle I. Peñaflorida said buyers include business owners who plan to build their own office buildings, hotels, or other commercial establishments.
“We also have a lot of Chinese investors and a group from Binondo as well, schools, office spaces. Like some companies that want to have their station in Calabarzon area. There’s also interest in malls, hospitals, furniture. There’s a company that wants to build a showroom for automobiles,” Ms. Peñaflorida said in the same briefing.
Mr. Tan said they will soon launch a new phase that covers commercial lots for sale, given continued strong demand for the product.
Aside from commercial lots, Megaworld also launched the 17-storey One Corporate Place which offers 93 office units for sale.
Meanwhile, Ms. Peñaflorida said that there has also been strong demand for residential projects coming from locals in Cavite, Metro Manila, and other areas from the south.
The company has so far launched Maple Grove’s first residential condominium called The Verdin, which offers 140 units and stands 10 storeys tall.
Mr. Tan said they will launch more residential and office projects depending on demand.
The first project to rise in the area will be a P1.5-billion lifestyle mall spanning 24,000 square meters across two floors. The mall will feature food and beverage outlets, four cinemas, an indoor events area, and a supermarket.
“We will complete the construction of the mall within two years alongside the land development, as we expect the Maple Grove community to grow fast in the next five years,” Mr. Tan said.
Maple Grove will also house a two-hectare tree park called the Rainwater Park, its own transport hub, chapel, a bike lane, and other recreational facilities. It will also highlight sustainable features by having a landscape drip irrigation system, pocket gardens, and vertical gardens in several buildings.
Shares in Megaworld dropped 0.54% or three centavos to close at P5.57 each at the stock exchange on Wednesday.