Megaworld Corp. will develop in the next decade its 35th township project as it banks on economic growth outside the capital.
In a stock exchange filing on Monday, Megaworld said its subsidiary, Global-Estate Resorts Inc., would build the 117-hectare Upper Central in Cagayan de Oro City with an initial investment of P5 billion.
The company led by billionaire Andrew Tan has now reached its goal of having 35 township projects in its portfolio under a P350-billion expansion plan.
According to Megaworld, the integrated lifestyle community would feature residential villages, a commercial and shophouse district, mixed-use developments and a town center.
“We have already set our eyes on Cagayan de Oro City because this is the gateway to many parts of Northern Mindanao,” Megaworld executive director Kevin Tan said in a statement.
Taking advantage of the city’s terrains, Upper Central would have mountain and bike trails and an adventure park, Megaworld said.
Around 40 percent of the property would be dedicated to green and open spaces, it added.
The project would be 15 minutes away from Cagayan de Oro’s downtown area and an hour away from Laguindingan International Airport, which would undergo privatization.
Rising economy
Data from the Philippine Statistics Authority showed that Cagayan de Oro’s gross domestic product per capita in 2022 was P343,936, representing the second-highest figure for a highly urbanized city outside Metro Manila.
“Now is the perfect time to take part in the booming real estate industry of this side of Mindanao,” said Tan, who is concurrently president and CEO of Alliance Global Group Inc., the parent firm of Megaworld.
The company’s expansion comes amid a real estate demand slowdown in the National Capital Region, with both developers and consumers now finding other provinces more attractive for investment.
In its latest property market report, real estate investment management firm Colliers Philippines explained that elevated interest and mortgage rates continued to temper demand in Metro Manila.
Leisure-centric vertical projects in other parts of the country remained enticing to local and foreign buyers, Colliers added.