Property giant Megaworld Corp. is set to build a P12-billion township in Batangas after partnering with a well-known luxury wellness resort in the province as part of plans to expand its footprint in the sector.
The company led by billionaire Andrew Tan said over the weekend that the San Benito Private Estate in Lipa would be connected directly to The Farm at San Benito to allow visitors to access the luxury wellness resort.
“Part of our company’s direction is to be able to build sustainable communities that integrate holistic health and wellness, as well as longevity to everyone who will live, stay or visit there,” Megaworld president Lourdes Gutierrez-Alfonso said in a statement.
The Farm at San Benito is known for being a “medical wellness resort” that offers health programs conducted by doctors with various specializations.
According to Megaworld, San Benito Private Estate, which will be located around 20 minutes from the Lipa city proper, will offer residential village lots, residential condominiums and an “international brand hotel,” among others.
The company added that it would take around five to seven years to develop the 25-hectare integrated active wellness township, its 33rd such project in the country.
Megaworld earlier said it would set aside P55 billion in capital outlays this year to expand its portfolio to 35 townships, mostly through new developments outside Metro Manila.
The company also plans to increase its leasing footprint by around 50 percent to 3 million square meters by the end of the decade.
The developer recorded an 8-percent jump in first-quarter earnings to P4.4 billion on strong demand in its residential, mall and hotel projects.
Revenues climbed by 16 percent to nearly P19 billion as its core businesses saw growth. INQ