Megawide property arm taps P3-B loan from BDO
MANILA -Tycoon Edgar Saavedra-led Megawide Construction Corp. is ramping up the project pipeline of newly acquired property firm, PH1 World Developers Inc., with plans to build a new residential tower in Quezon City.
PH1 World Developers announced the signing of a P3-billion loan deal with BDO Unibank Inc., the proceeds of which would be used for the development of the 45-story My Enso Lofts along Timog Avenue.
PH1 World Developers chair Ma. Gilda Alcantara said the loan deal was a significant milestone for the property firm and “establishes our company’s credit worthiness as a legitimate player in the industry.”
The builder, established nearly a decade ago, is focused on the affordable segment as is targets to capture a slice of the country’s massive housing backlog. It plans to compete with bigger players by using “innovation and engineering technology” and providing more value through larger living spaces.
PH1 World Developers’ first project is The Hive Residences in Taytay, Rizal. It is currently developing My Enso Lofts in Timog, Quezon City, and Modan Lofts in Taytay. Moreover, its maiden horizontal offering, Northscapes San Jose Del Monte, is currently in development.
“As a conduit between providers and users of capital, we are glad to form this collaboration with one of the country’s upcoming players,” BDO institutional banking group co-head Cecile Tan said.
“[PH1 World Developers] has shown its ability to deliver on its commitments, followed by a healthy take-up of newly launched projects. The company’s rich pipeline can potentially anchor a stronger and longer-term business relationship between our organizations that we can further build on,” she added.
Shareholders of Megawide earlier approved the P5.2-billion acquisition of affiliate firm PH1 World Developers. Megawide was the builder of medium and large-scale residential projects for some of the country’s biggest developers, including Sy-led SM Development Corp.
The acquisition of PH1 World Developers marked Megawide’s formal entry into the property development business.