GLOBAL-ESTATE Resorts, Inc. (GERI), the integrated leisure and tourism subsidiary of Megaworld Corp., said on Tuesday it expects to generate about P1.8 billion in revenues from a new residential condominium project in the northeastern part of Boracay Island.
The company will build Ocean Garden Villas, a three-tower residential cluster that “will offer refreshing views of the beaches and mountains of Boracay Island,” the company said in a disclosure to the Philippine Stock Exchange (PSE).
“We hope to provide our residents a new and refreshing take of living in one of the world’s best islands,” said Jennifer Palmares-Fong, vice president for sales and marketing of Boracay Newcoast.
The low-rise, six-storey residential cluster will have 225 units ranging from one-bedroom to two-bedroom resort-type suites. It will feature lap pool, outdoor lounge deck, in-pool lounge, wading pool, and outdoor spa and pavilion, and is targeted for completion by 2021.
A sustainability program will be put in place to protect Boracay’s beaches and natural environment. This will include the enclave’s own material recovery facility, detention/siltation tanks for storm drainage outfalls, sewage treatment plant, rainwater collection tanks in buildings, the use of e-jeepneys for transportation within the township, and LED and solar LED streetlights around the township.
GERI has five township developments across the country covering more than 2,000 hectares of land, including Boracay Newcoast in Boracay, Twin Lakes in Alfonso, Batangas, Southwood City on the boundaries of Carmona, Cavite and Biñan, Laguna, Sta. Barbara Heights in Iloilo, and Alabang West in Las Piñas City.
Parent Megaworld owns 82.3 percent of GERI and has taken an aggressive role in transforming GERI’s vast land bank into integrated leisure and tourism townships.