Megaworld hikes Cavite township capex to P15b

Property developer Megaworld Corp. said Wednesday it is increasing to P15 billion the 10-year capital spending for the 140-hectare Maple Grove township in General Trias, Cavite.

Megaworld chief strategy officer Kevin Tan said in a press briefing the company was set to start the land development and construction of its first Megaworld Lifestyle Mall in Cavite this year. 

“We are fast-tracking the developments in Maple Grove as we see a growing demand from both residential and office market in this area,” Tan said.

Under the plan, Megaworld will build a two-level mall with 24,000 square meters of gross floor area.

“We will complete the construction of the mall within two years alongside the land development, as we expect the Maple Grove community to grow fast in the next five years,” Tan said.

Tan said the company nearly sold out the 363 commercial lots with a total sales value of P9 billion.

Megaworld vice president for sales and marketing Rachelle Peñaflorida said the commercial lot buyers of the Maple Grove Commercial District were interested in putting up hotels, office buildings, schools and hospitals.

He said that because of the strong demand for commercial lots, Megaworld was planning to sell more commercial lots in the next phase of the project.

The completion of the Maple Grove Commercial District is expected in 2022. Lot owners are expected to construct their buildings within five years from the turnover date.

Dubbed as the ‘Green City of the South’, Maple Grove boasts of several sustainability features that include a two-hectare tree park designed to accommodate the township’s rainwater runoff, a landscape drip irrigation system, bike lanes, central material recovery facility, pocket gardens and tree parks and vertical gardens in various buildings around the township.

“The whole idea of Maple Grove is to make it walkable and environmentally sustainable. This will so far be our greenest township,” said Tan.

The company launched its first residential development, the 10-storey The Verdin, and its first office tower, the 17-story One Corporate Place, in Maple Grove last year.

“General Trias is a key growth city in Cavite. We look forward to building its own ‘green’ CBD and this is happening in the next five to seven years,” Tan said.

The Maple Grove township is only 30 to 45 minutes away from Makati via Coastal Road and Cavitex.

Topics: Megaworld Corp. , Maple Grove township , General Trias , Cavite , capital expenditures , capex
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