Megaworld hikes Cavite township capex to P15 billion
MANILA, Philippines — Megaworld, the Andrew Tan-led property giant, is increasing its 10-year capital expenditure for its sprawling Cavite township by P5 billion.
From an original program of P10 billion for its Maple Grove Township in General Trias, Cavite, Megaworld has now allotted P15 billion for the project, according to Kevin Tan, the company’s chief strategy officer.
The company is starting the land development as well as the construction of its first Megaworld Lifestyle Mall in Cavite this year, Tan said in a press conference yesterday.
The higher capital spending is necessary amid stronger demand from investors and different companies that are based in Cavite and from outside.
The different infrastructure projects near the area has made the development more attractive, Tan said, noting for instance that the township would soon have a direct link to the Cavite-Laguna Expressway.
“We are fast tracking the developments in Maple Grove as we see a growing demand from both the residential and office market in this area,” he said.
There will be a two-level “sustainable” mall which will have around 24,000 square meters of gross floor area, several retail and F&B outlets, four cinemas, indoor events area and an anchor supermarket.
The mall will be equipped with exceptional light-transmitting architectural systems that maximizes the use of natural sunlight, while maintaining comfort cooling condition inside the building.
“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,” Tan said.
He also touted the township as the “Green City of the South” with its several sustainability features.
“The whole idea of Maple Grove is to make it walkable and environmentally sustainable. This will, so far, be our greenest township,” Tan said.
In 2017, Megaworld launched the 35-hectare Maple Grove Commercial District offering 363 prime lots for sale ranging from 360 square meters to 1,008 square meters, with a total inventory value of around P9 billion.
The business district within the township has a masterplan similar to the Makati Central Business District with carefully planned wide road networks surrounded by several open green parks.
Maple Grove may be reached via the Coastal Road and CAVITEX, with an estimated travel time of only 30 to 45 minutes from Makati CBD and the Fort Bonifacio.