Megaworld’s Suntrust acquires Stateland

Megaworld Corporation’s whollyowned subsidiary Suntrust Properties, Inc. has acquired 42-year old real estate company Stateland, Inc. for P3.3 billion to boost its land bank and strengthen its presence south of Metro Manila.

The publicly-listed Megaworld did not divulge the acquisition cost but Stateland, a private company, said the Andrew Tan company acquired them for P3.3 billion.

In a statement, Megaworld said Stateland, a private company, is known for building affordable quality homes and well-developed communities in South Luzon, particularly in Cavite and Laguna, and some parts of Metro Manila.

Megaworld said the acquisition will allow them to expand its raw land portfolio by another 150 hectares and to own certain allied and related properties, on top of Stateland’s existing developments spread across more than 200 hectares.

“Our goal is to further expand our developments in CALABARZON area where the growth prospects are great,” said Suntrust President Harrison Paltongan who has also been appointed as the new president of Stateland.

He added that, “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.”

Through the years, Stateland has been known for developing well-planned, flood-free communities. its latest project, which is also its flagship community, is Washington Place along Aguinaldo Highway in Dasmariñas, Cavite, that offers around 1,700 modern contemporary housing units in a 40-hectare masterplanned community.

Other horizontal residential projects of Stateland include the Mediterraneaninspired Villa San Lorenzo (4.34 hectares) in Imus, Cav-