MANILA -- Property developer Megaworld Corp. and its subsidiary Empire East Land Holdings Inc. will be spending PHP20 billion to develop a new township in Cainta, Rizal, as it aims to expand its township portfolio to 30 over the next two years.
Megaworld executive vice president and chief strategy officer Kevin Tan said they will develop over the next 10 years a 24-hectare property along F. Felix Avenue to become Highland City, the company’s 24th township development.
“We will start the land development of the township by second quarter of this year,” he said in a press briefing on Monday.
Tan said the new township will host the Highland Mall, rows of residential towers on a highland area, mixed-use towers, a church, as well as open and green parks.
“Empire East will develop 38 residential towers on the elevated portion of the township,” he said. “Cainta has around 400,000 population. We see that there is still a big demand for residential products in this area. But most of the properties in this area has been fully developed already into horizontal developments … we felt that there is no other way but to go vertical.”
Tan expects increased local residential demand will be supported by foreign remittances.
“So I think that would be probably be the majority of the demand in this area,” he said, adding that demand for office spaces in its townships will be driven by business process outsourcing (BPO) companies.
Megaworld owns 82 percent of Empire East Land Holdings, Inc. which has been known for the development of mid-cost housing developments. (PNA)
