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Megaworld acquires Stateland

/ 05:10 AM July 11, 2018

Property developer Megaworld group has boosted its affordable housing portfolio with the acquisition of 42-year-old Stateland Inc. through wholly owned Suntrust Properties Inc.

The deal allows the group to expand its raw land portfolio by another 150 hectares and to own certain allied and related properties, on top of Stateland’s existing developments involving more than 200 hectares, Megaworld told the Philippine Stock Exchange yesterday.

“Our goal is to further expand our developments in Calabarzon (Cavite-Laguna-Batangas-Quezon) area where growth prospects are great. Stateland’s properties in nearby provinces of Cavite and Laguna are impressive, and we are more than excited for the opportunities to develop them,” said Suntrust president Harrison Paltongan, who was also named president of Stateland.

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Stateland’s landbank and projects are mainly in South Luzon, particularly Cavite and Laguna, and some parts of Metro Manila.

Its latest project, which is flagship community, is Washington Place along Aguinaldo Highway in Dasmariñas, Cavite. This offers about 1,700 modern contemporary housing units in a 40-hectare master-planned community.

Among its other horizontal residential projects are the Mediterranean-inspired Villa San Lorenzo (4.34 hectares) in Imus, Cavite; San Francisco Heights (23 ha), Gran Avila (16.25 ha) and Casa Laguerta (7.46 ha) in Calamba, Laguna; English-inspired Chester Place (9.6 ha) in Dasmariñas, Cavite; North Olympus IV (57 ha) in Quezon City; Spanish- inspired Gran Seville (20 ha) in Cabuyao, Laguna; Avila Heights (10 ha) in Sto. Tomas, Batangas, and Summercrest Village in Tanza, Cavite.

Stateland is also into upscale pocket townhouse developments in Metro Manila. Its projects include the Royal Circle Townhomes in Parañaque City; Royal Garden Townhomes in Malate, Manila; Hillcrest Townhomes in Quezon City, and Royal Chateau in Pasay City.

In the last four decades, Stateland has also built residential and office condominium towers in Makati City, Quezon City, San Juan, Mandaluyong, and Binondo, Manila.

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TAGS: Megaworld, property developer, Stateland Inc., Suntrust Properties Inc.
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