MANILA -- Megaworld Corp. has acquired real estate firm Stateland Inc. in a bid to expand its land portfolio and own other allied and related properties.
Megaworld said the acquisition, through its wholly-owned subsidiary Suntrust Properties, Inc., will allow it to expand its raw land portfolio by another 150 hectares on top of Stateland’s existing developments spread across more than 200 hectares.
“Our goal is to further expand our developments in Calabarzon (Cavite, Laguna, Batangas, Rizal and Quezon) area where the growth prospects are great,” Suntrust Properties, Inc. President Harrison Paltongan, who has also been appointed as the new president of Stateland, Inc., said in a disclosure on Tuesday.
Megaworld did not disclose the acquisition cost.
Stateland, Inc. 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.
The company is also a builder of upscale pocket townhouse developments in Metro Manila; residential and office condominiums in Makati City, Quezon City, San Juan, Mandaluyong, and Binondo; and 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. (PNA)
