Megaworld’s tourism subsidiary is incorporating residential and commercial components into the Western Visayas development, growing it into the property giant’s 18th township.
Megaworld is geared to add an 18th township to its portfolio as its tourism development subsidiary Global-Estate Resorts, Inc. (GERI) turns Sta. Barbara Heights into a complete mixed-use urban community in Western Visayas. Located on a 173-hectare land in Sta. Barbara, Iloilo, the township will be developed with a Php 10 billion, part of which has already been spent since the beginning of its construction four years ago.
“We have seen the potential of Sta. Barbara Heights of becoming a full-blown township because of its strategic location near the Iloilo International Airport. In the next five to 10 years, this masterplanned community will help spur economic activities in this town, and we will be able to provide transient passengers and tourists with facilities that are truly welcoming and world-class,” GERI president Monica Salomon said.
Half of Sta. Barbara Heights will be allocated for Sta. Barbara Heights Residential Estates, a three-phase residential village comprising of 1,000 lots. The township will also have Iloilo International Avenue, a six-lane spine highway that will offer mixed-use and commercial buildings, as well as a direct access to the road leading to the Iloilo International Airport.
GERI’s 2014 income reached Php857 million, a 151% increase inclusive of one-time gain from the brands consolidation under Megaworld. Without the recurring gain, their increase of 41% or Php 480 million is an almost double growth from 2012’s net income if Php 264 million.
GERI is also set to accomplish five new projects in 2015 in their developments, namely Sta. Barbara Heights, Alabang West in Muntinlupa, Boracay Newcoast in Boracay, Southwoods in the Carmona-Biñan boundary, and Twin Lakes in Tagaytay. A total of Php 5 billion will be allocated for the said projects, which will be composed of residential and condotel developments.