Megaworld says 80% of Maple Grove commercial lots sold

MEGAWORLD Corp. has seen a brisk take-up for commercial lots in its 140-hectare township in General Trias, Cavite, noting 80% of the P9 billion worth of lots for sale have been purchased.

The Andrew L. Tan-led property developer said in a statement more than 250 out of the 360 commercial lots for sale in Maple Grove Commercial District has already been sold, 45 days after it was unveiled in November 2017.

“We have received an overwhelming tranche of booked sales for this project during the past days, even during the holidays. It really did not come as a surprise to us because even before we have announced this, we have already received a lot of inquiries,” Megaworld Vice-President for Sales and Marketing Mary Rachelle I. Peñaflorida said in a statement.

The commercial district covers 35 hectares within the Maple Grove township, which is also set to have residential, institutional, and retail components. Lots range in size from 360 square meters (sq. m.) to 1,008 sq. m., as Megaworld develops the area into a central business district similar to that of Makati.

“General Trias, Cavite is a rising growth center and everyone is looking forward to the new proposed CBD that we will build… We envision this to be the ‘Green City of the South,’ because of its numerous sustainability features and environment-friendly amenities,” Ms. Peñaflorida said.

Maple Grove is less than an hour away from Makati via Coastal Road and the Cavite Expressway, and is accessible through Sangley Point, where the government is proposing to rehabilitate the existing Sangley Airport in order to ease congestion in Ninoy Aquino International Airport.

Amenities within the commercial district include seven green and open parks, one of which will be called Central Park.

Megaworld looks to complete development of the commercial district in 2022, after which turnover will start. The company expects lot owners to develop their buildings within five years after they have been turned over.

The listed firm has earlier announced that it will be spending P10 billion over the next 10 years for the development of Maple Grove. This is the company’s fourth project in the Cavite-Batangas area, where it has a land bank of more than 2,000 hectares.

Megaworld’s revenues grew 5% to P37.1 billion in the first nine months of 2017, boosted by higher rental income. Attributable profit accordingly rose 11% to P9.98 billion, against the P8.98 billion it posted in the same period a year ago. —