GLOBAL Estate Resorts Inc. (Geri), a unit of Andrew Tan’s property developer Megaworld Corp., said it will spend P4.5 billion in the next four years to accelerate the projects in the 1,200-hectare Twin Lakes project near Tagaytay.
“From the P5-billion capital expenditures [capex] set for the development of Twin Lakes for 10 years starting 2012, we further increased it to P7 billion as we introduced more projects within the township. So far, we’ve already spent P2.5 billion and the remaining P4.5 billion will be spent in the next four years. We are certainly bullish about accelerating the developments within Twin Lakes within the given time frame,” company President Monica Salomon said.
Before the year ends, Geri is set to turn over 151 units of the two towers of the first residential-condominium development in Twin Lakes, called Vineyard Residences. This residential development, composed of three towers with a total of 245 units, has views of Taal Lake and Taal Volcano, ridges and the surrounding vineyard where real grapes are being grown.
Since its launch in 2012, prices of units at Vineyard Residences increased by almost 15 percent, it said.
Geri’s revenues from this residential project reached P3.5 billion.
“Demand for residential units inside Twin Lakes continues to pick up. That is why we’ve launched two more condominium developments during the last three years: Manor at Twin Lakes, Belvedere, adding 729 units in our residential inventory,” Salomon said.
Aside from the condominium developments, Geri also launched two residential villages within the estate—Domaine Le Jardin and Lucerne—with 838 lots.
Since its launch in 2012, prices of lots in Domaine Le Jardin increased by 21 percent, while in Lucerne, prices rose by 5 percent since its launch last year. Total revenues from both residential villages reached P4.2 billion.
Out of the 1,200 hectares, around 30 percent of the tourism estate has been allocated for residential developments; 10 percent for commercial and retail, hotel and resorts, as well as leisure and recreational facilities; and 40 percent for nature park and forest reserve, and for the vineyard.
The rest of the estate will be for educational and medical institutions, as well as for future developments.