Megaworld acquires South Luzon-based company
MEGAWORLD Corp. is ramping up its land bank in Cavite and Laguna with the acquisition of a South Luzon-based real estate firm through one of its subsidiaries.
In a statement issued Tuesday, Megaworld said its wholly owned unit Suntrust Properties, Inc. recently acquired Stateland, Inc. The financial details of the deal were not disclosed.
The 42-year old Stateland has existing developments covering over 200 hectares primarily in Cavite and Laguna, as well as some parts of Metro Manila.
Stateland’s existing developments include horizontal residential projects, such as the 4.34-hectare Villa San Lorenzo in Imus, Cavite; the 23-hectare San Francisco Heights; 16.25-hectare Gran Avila, and 7.46-hectare Casa Laguerta, all in Calamba, Laguna.
The company’s latest project is its flagship community development called Washington Place along Aguinaldo Highway in Dasmariñas, Cavite. Washington Place spans 40 hectares and offers some 1,700 housing units priced at around P1.7 million to P5.6 million.
Stateland also has developments around Metro Manila, having built upscale pocket townhouse projects such as the Royal Circle Townhomes in Parañaque City; Royal Garden Townhomes in Malate, Manila; Hillcrest Townhomes in Quezon City; and Royal Chateau in Pasay City.
The company’s portfolio further includes residential and office condominiums in Makati, Quezon City, San Juan, Mandaluyong, and in Binondo, Manila.
Stateland is known to participate in the government’s shelter programs in areas with potential growth.
Aside from residential projects, Stateland has developed a number of industrial and farm lots in Bulacan, Cavite, and Pasig City.
The acquisition also includes around 150 hectares of raw land and other allied properties of Stateland, which will now be placed under Megaworld’s portfolio.
For its part, Suntrust has residential communities in Dasmariñas, Gen. Trias, and Silang in Cavite; Lipa, Batangas; Sta. Rosa and Calamba in Laguna; and in Bacolod City. The company also has condominium projects in Manila, Quezon City, Baguio City, and Davao City which cater to the middle to upper income segment.
“Our goal is to further expand our developments in CALABARZON area where the growth prospects are great. Stateland’s existing properties in nearby provinces of Cavite and Laguna are impressive, and we are more than excited for the opportunities to develop them,” Suntrust President Harrison M. Paltongan said in a statement.
Mr. Paltongan will now sit as the new president of Stateland.
Stateland will now be folded into Megaworld’s portfolio. Megaworld is the parent firm for tycoon Andrew L. Tan’s property investments, including Global-Estate Resorts, Inc and Empire East Land Holdings, Inc., among others.
Megaworld is under Mr. Tan’s Alliance Global Group, Inc., which also has core interests in liquor, gaming, and quick service restaurants.
The company grew its attributable profit by 11% to P3.2 billion in the first quarter of 2018, following a 10% uptick in revenues to P13.1 billion for the period.
Shares in Megaworld went up by a centavo or 0.23% to close at P4.41 each at the stock exchange on Tuesday. —