Megaworld unit to speed up Twin Lakes dev’t
The Megaworld group’s tourism and leisure estate arm Global-Estate Resorts Inc. (GERI) has earmarked P4.5 billion to speed up the development of the 1,200-hectare Twin Lakes estate near Tagaytay in the next four years.
In a disclosure to the Philippine Stock Exchange yesterday, GERI announced its continuing land development of the residential villages, construction of the residential condominium projects as well as the Twin Lakes Hotel, and the expansion of commercial developments and leisure facilities within the township.
“From the P5-billion capital expenditures 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,” GERI president Monica Salomon said.
GERI has committed to turn over 151 units of the two towers of the first residential condominium development in Twin Lakes called The Vineyard Residences before the year ends. This residential development, composed of three towers with a total of 245 units, pitches unparalleled views of Taal Lake and Volcano, Tagaytay ridges and the surrounding vineyard where real grapes are being grown.
Since launch in 2012, prices of units at The Vineyard Residences have increased by almost 15 percent, the company estimated.
GERI’s revenues from this residential project have so far 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: The Manor at Twin Lakes and, recently, The Belvedere, adding 729 units in our residential inventory,” said Salomon. —DORIS DUMLAO-ABADILLA