PROPERTY developer Megaworld Corp. on Wednesday said it is increasing its capital spending to build the 140-hectare Maple Grove township in General Trias, Cavite, to P15 billion over 10 years, up from the previous P10 billion.
Kevin Andrew L. Tan, the company’s senior vice president for commercial division, said the company expanded the property, the main reason for its scaled-up spending.
“We earlier intended to have more horizontal projects in nature, but we started to see the demand go vertical. That is why we launched the first condominium here. Reception has been very good so we heightened our capital expenditure [capex]. We are now rethinking strategy in some vertical developments,” Tan said.
“We are fast-tracking the developments in Maple Grove as we see a growing demand from both residential and office markets in this area,” he said.
A two-level shopping mall, which will have around 24,000 square meters (sq m) of gross floor area, will rise in the development. There will also be several retail, and food and beverage outlets, four cinemas, an indoor events area and a supermarket.
“We will complete the construction of the mall within two years alongside the land development, as we expect the Maple Grove community to grow fast in the next five years,” added Tan.
In 2017, Megaworld launched the 35-hectare Maple Grove Commercial District that offered 363 prime lots for sale, ranging from 360 sq m to 1,008 sq m, with a total inventory value of around P9 billion. This district within the township has a master plan similar to the Makati Central Business District.
The commercial lots have been sold out in just less than six months.
“We have business owners who plan to build their office buildings, their own hotels. There are a lot of Chinese investors, a group from Binondo as well,” said Rachelle Peñaflorida, Megaworld’s vice president for sales and marketing.
Last year, the company also launched its first residential development, the 10-story The Verdin, and its first office tower with saleable units, the 17-story One Corporate Place, in Maple Grove.