The property development arm of Megawide Construction Corp. is set to get a fresh P500-million loan from the Ayala group’s Bank of the Philippine Islands (BPI) to fund a residential development project in Bulacan that is touted as “disruptive” with “enviro-smart” features.
PH1 World Developers on Tuesday said it had already signed the loan agreement with BPI that was expected to help “accelerate” the company’s growth in the next two years via Northscapes in San Jose del Monte.
“We thank BPI for their vote of confidence in both PH1 and Megawide, through Northscapes, and our goal to bring energy-efficient communities to emerging locations such as San Jose del Monte,” PH1 president Gigi Alcantara said in a statement.
READ: Megawide erases losses amid flurry of projects
The 4.6-hectare project is set to feature 338 “energy-efficient” housing units, according to PH1.
The developer added that each house would have solar panels, tinted windows and insulated walls to reduce the amount of energy needed to cool the homes, thus “significantly cutting down electricity costs.”
Townhouses in Northscapes range from 53 square meters (sq m) to 70 sq m, while single attached house models could have up to 95 sq m of space, PH1 said.
Earlier this year, tycoon Edgar Saavedra-led Megawide announced it would set aside P2 billion in capital expenditure for the pipeline projects of PH1.
These include the ongoing redevelopment of subsidiary Cebu2World Development Inc.’s Carbon Market District in Cebu City.
PH1, which Megawide acquired for P5.2 billion from affiliate Citicore Holdings Investments Inc. last year, also broke ground in May for its mid-rise housing project in Imus, Cavite province.
The first two residential buildings are set for completion in 2026, while another tower with commercial establishments is expected to be completed by 2028.
In March, PH1 formed a joint venture with builder ProFriends to develop another project in Imus, this time two mid-rise buildings with 190 units each.
The project is scheduled to be completed in 2026. —Meg J. Adonis INQ