Geri developing P5-B township in Nasugbu
The tourism and leisure estate arm of Megaworld Corp. will spend P5 billion over the next five years to build a new project in Batangas province as demand for properties outside Metro Manila continues to grow.
In a stock exchange disclosure on Thursday, Global-Estate Resorts Inc. (Geri) said it was developing the 116-hectare Nascala Coast in Nasugbu, which would be Megaworld’s 36th township project.
“More than just a destination, Nascala Coast is envisioned as a thriving coastal address where tourists can enjoy the best of nature and generations of families can flourish,” Geri president Monica Salomon said in a filing. They did not disclose the target completion date.
According to Geri, Nascala will house residential villages, beachside condominium clusters, commercial hubs and leisure facilities.
Nascala will likewise add to Geri’s portfolio of tourism estates, which includes Boracay Newcoast in Aklan province and Twin Lakes in Batangas. It also has integrated lifestyle communities, such as Alabang West, Eastland Heights, Southwoods City, The Hamptons Caliraya and Sherwood Hills.
This expansion comes amid growing demand for properties outside the National Capital Region, where developers are grappling with inventory oversupply due to high mortgage rates. Real estate broker Colliers Philippines earlier reported that developers were shifting their focus to other provinces.
Building momentum
During their annual stockholders meeting on Thursday, Salomon said they expected to complete condominium clusters in Southwood City and Twin Lakes this year, as well as a commercial development in The Hamptons Caliraya.
Last year, Geri completed four residential condominium buildings, two hotels and a residential village, totaling P7.5 billion in inventory value.
This represented the most number of projects it has completed in a year since recovering from the pandemic, Salomon noted.
Megaworld will spend P50 billion this year to bankroll its pipeline projects, mainly new hotels in Metro Manila, Pampanga, Bacolod and Iloilo, among others.
It will open seven hotel properties within the next three years, bringing its network to 20 hotels and 9,000 rooms.
