PROPERTY giant Megaworld Corporation announced on Monday it is set to spend P5 billion for the development of a new integrated lifestyle community in Antipolo, Rizal through its leisure and tourism arm, Global-Estates Resorts Inc. (GERI).
In a disclosure to the Philippine Stock Exchange, Megaworld said GERI will spend P5 billion over the next five to seven years for the development of Eastland Heights, which will be located on a 640-hectare property along Marcos Highway that will include some areas overlooking Metro Manila’s panoramic skyline.
Megaworld said the project will boast of an iconic 36-hole golf course and country club that will occupy around 20 percent of the entire development. It will also feature residential, commercial, retail, and institutional components such as a school.
“It is also known for its rolling terrains on the foot of the scenic Sierra Madre Mountain Range,” Megaworld said.
More than 100 hectares of the Antipolo property will be allocated for residential villages, GERI President Monica Salomon said.
“But in the next few years, we will be adding some commercial and retail components to make this community more exciting,” Salomon said.
Jericho Go, Megaworld senior vice president, explained the difference between integrated lifestyle communities and integrated township projects.
He said integrated lifestyle communities only offer residential, commercial and leisure components, while “those that offer the complete live-work-play components will be under our integrated urban township developments.”
“Our development mix will become more diverse to cater to every need and demand of a particular locality,” added Go.
Salomon said the new project gives the company an opportunity to expand in the Antipolo area.
“This new community will allow Megaworld to further expand its presence in the popular area of Antipolo, which is very accessible to the major cities in Metro Manila,” Salomon said.” We capitalize on the scenic views and fresh air in this location, which can be the development’s key strengths.”
Megaworld said Eastland Heights will now be part of the growing roster of developments that the company and its subsidiary brands GERI, Suntrust Properties, Inc. and Empire East Holdings have built and are continuously developing across the country.
GERI is Megaworld’s integrated leisure and tourism township development arm, of which the parent firm owns an 82.3 percent stake.