Megawide Construction Corp. said Thursday newly-acquired property development arm PH1 World Developers Inc. obtained a P3-billion loan facility from BDO Unibank Inc.
PH1WD said proceeds from the loan would be used to fund the development of its condominium project in Quezon City.
“PH1WD is honored to partner with BDO Unibank for this exciting and game-changing development. The transaction marks a significant milestone for PH1WD, giving a seal of approval on the MEL’s prospects and establishes our company’s credit worthiness as a legitimate player in the industry,” said PH1WD president Gilda Alcantara.
BDO executive vice president Cecille Tan said PH1WD showed its ability to deliver on its commitments, followed by a healthy take-up of newly launched projects.
“The company’s rich pipeline can potentially anchor a stronger and longer-term business relationship between our organizations that we can further build on,” said Tan.
The My Enso Lofts project is a 45-story residential development that offers up to 38 percent more space than typical condominium units. Launched in November 2020, My Enso Lofts is expected to be completed by 2026.
PH1WD’s other projects include its maiden development The Hive Residences in Taytay, Rizal; the recently-launched Modan Lofts Ortigas Hills; and upcoming projects in Pasig City and Pampanga, all under PH1WD’s vertical pipeline.
PH1WD will also soon launch its horizontal development in Bulacan through Northscapes San Jose Del Monte with features that go beyond the traditional house-and-lot offerings.
Northscapes will be the first horizontal project in PH1WD’s expanded portfolio and will feature energy efficiency as a key differentiator to disrupt the real estate scene.
Megawide reported plans in July to acquire the 100-percent outstanding capital stock of PH1WD from parent firm Citicore Holdings Investments Inc. for P5.2 billion.