By Leslie D. Venzon
MANILA, June 25 (PNA) — Global-Estate Resorts Inc. (GERI), a subsidiary of property firm Megaworld Corp., is spending an additional PhP7 billion to transform its 173-hectare Sta. Barbara Heights in Western Visayas from residential projects into another integrated urban township development over the next six years.
“Today, the 173-hectare development will be a full-fledged integrated township development. We see the potential in that area and we feel that it will also complement other developments that Megaworld is doing in Iloilo,” said Jericho Go, senior vice president at Megaworld.
Go said of the PhP10 billion earmarked for the township project, about PhP3 billion to PhP4 billion has already been spent for land development and amenities. GERI started developing the property four years ago.
He said the remaining PhP6 billion to Php7 billion will mostly finance the project’s vertical components.
“The (project’s) masterplan has evolved from purely residential; it is now incorporating retail shops, restaurants, boutique hotels and the possibility of institutional facilities as well,” Go said, noting that schools and medical may comprise institutional facilities.
Half of the 173-hectare development is allocated for the Sta. Barbara Heights Residential Estates, a residential village with three phases offering around 1,000 lots.
“Two phases have been sold out, the third phase is fast selling,” said Megaworld communications head Harold Geronimo.
Sta. Barbara Heights is the 18th master-planned mixed-use project under the Megaworld group and one of the five township developments that GERI is currently building across the country.
Other developments include the 1,200-hectare Twin Lakes in Alfonso, Batangas; the 561-hectare Southwoods City in the boundaries of Cavite and Laguna; the 150-hectare Boracay Newcoast in Boracay Island; and the 162-hectare Alabang West in Las Pinas City. (PNA)