• Megaworld unit acquires Stateland

Andrew’s Tan’s Megaworld Corp. has acquired Stateland Inc., a developer of communities in south Luzon.

In a disclosure to the Philippine Stock Exchange (PSE) yesterday, Megaworld said the acquisition was made by its wholly owned subsidiary Suntrust Properties Inc.

Suntrust acquired Stateland, a 42-year old real estate company known for building affordable quality homes and well-developed communities in Cavite and Laguna, and some parts of Metro Manila.

The acquisition will allow Megaworld to expand its raw land portfolio by another 150 hectares and to own certain allied and related properties.

This is on top of Stateland’s existing developments spread across more than 200 hectares, said Harrison Paltongan, president of Suntrust Properties, Inc.

Suntrust plans to hitch a ride on the growing economy in the southern Luzon area.

“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,” Paltongan said.

With the acquisition, Paltongan also becomes the new president of Stateland.

In the last four decades, Stateland has built residential and office condominiums in Makati City, Quezon City, San Juan, Mandaluyong, as well as in Binondo, Manila.

The company also built several industrial and farm lot developments in Bulacan, Cavite and Pasig City.

Stateland has also been known as one of the most active participants in the government’s shelter programs, pioneering in areas with potential growth and conducive to economic development.

The firm’s latest project, which is also their flagship community, is Washington Place along Aguinaldo Highway in Dasmariñas, Cavite that offers around 1,700 units of contemporary housing spread in a 40-hectare masterplanned community.

Among its other horizontal residential projects include the Mediterranean-inspired Villa San Lorenzo (4.34 hectares) in Imus, Cavite; San Francisco Heights (23 hectares), Gran Avila (16.25 hectares) and Casa Laguerta (7.46 hectares) in Calamba, Laguna; English-inspired Chester Place (9.6 hectares) in Dasmariñas, Cavite; North Olympus IV (57 hectares) in Quezon City; the Spanish-inspired Gran Seville (20 hectares) in Cabuyao, Laguna; Avila Heights (10 hectares) in Sto. Tomas, Batangas; and Summercrest Village in Tanza, Cavite.