Property developer Megaworld Corp. and subsidiary Empire East Land Holdings Inc. are investing P20 billion over the next 10 years to transform a 24-hectare property in Cainta, Rizal into a township.
Megaworld executive vice president and chief strategy officer Kevin Tan said in a news briefing the Highland City township in Cainta would have various components including residential condominiums, mixed-use towers, and a shopping mall.
Cainta is a first-class Rizal town with more than 300,000 residents. It is Rizal’s gateway to Metro Manila, lying next to the cities of Pasig and Marikina.
Tan 38 residential towers offering 300 to 500 units each would be built in the area while the shopping mall would have 58,000 square meters of leasable space.
Tan said the company would develop the property in response to the continued strong demand for residential projects in Rizal province.
“We are very excited about this new township that will evoke a character of a city cutting on highlands. Empire East will develop around 38 residential towers on the elevated portion of the township,” Tan said.
“Our proposed Highland mall under the Megaworld Lifestyle Mall brand will also be a centerpiece of the development. We will integrate it with an expansive park that opens towards the township’s main entrance,” he said.
Tan said 49 percent of the entire development would be dedicated to green and open space. It will be highlighted by the Highland Park, an 8,000-square-meter green and open park that will house some retail areas and a 500-seat church.
Highland City is Megaworld’s 24th township development.
The construction of Highland City is set to start by the second quarter of 2019. The mall will be completed by 2020.
Tan said that over the next two years, Megaworld would have 30 township developments.
Megaworld owns 82 percent of Empire East which has been known for the development of mid-cost housing developments including several transit-oriented residential projects in Metro Manila and in other parts of Luzon.
Highland City will be Empire East’s first township project and is also its biggest development.
The Megaworld Group has built over 660 residential developments, 57 office towers and 17 lifestyle malls in 23 master-planned townships and integrated lifestyle communities across the Philippines over the past three decades.