MEGAWORLD Corp.’s wholly-owned subsidiary Global Estates-Resorts Inc. (GERI) said on Thursday it was allocating P4.5 billion over the next four years to accelerate projects in its 1,200-hectare township development in Tagaytay City.
The company said land development of residential villages, condominiums, hotel, and the expansion of commercial and leisure developments within Twin Lakes Estate are currently under way.
“From the P5-billion capital expenditures set for the development of Twin Lakes for 10 years starting 2012, we further increased it to P7 billion as we introduced more projects within the township,” GERI President Monica Solomon told the Philippine Stock Exchange.
“So far, we’ve already spent P2.5 billion and the remaining P4.5 billion will be spent in the next four years. We are certainly bullish about accelerating the developments within Twin Lakes within the given time frame,” she added.
By the end of the year, GERI is slated to turn over about 151 units out of 245 units in the two towers of The Vineyard Residences.
The development boasts of unparalleled views of Taal Lake and Volcano, the Tagaytay ridges, as well as the surrounding vineyard. Prices of The Vineyard units have already increased by 15 percent since it was launched in 2012, GERI said.
“Demand for residential units inside Twin Lakes continues to pick up. That is why we’ve launched two more condominium developments during the last three years: The Manor at Twin Lakes, and recently, The Belvedere, adding 729 units in our residential inventory,” Solomon said.
Apart from The Vineyard, the township developer also launched two residential villages within the Twin Lakes Estate—the Domaine Le Jardin and Lucerne with a combined total of 838 lots.
“Since its launch in 2012, prices of lots in Domaine Le Jardin have increased by 21 percent, while in Lucerne, prices [have]so far [risen]by 5 percent since its launch last year. Total revenues from both residential villages reached P4.2 billion,” GERI said.