Megaworld unit adds second condominium to Tagaytay project
October 28, 2016
GLOBAL-ESTATE Resorts, Inc. (GERI) has unveiled another condominium that could generate P2 billion in sales within its tourism estate in Tagaytay City.
In a statement issued on Thursday, the subsidiary of Megaworld Corp. announced its latest residential project called The Manor within the 1,200-hectare Twin Lakes. The 12-storey three-clustered residential development is patterned after the famous chalets in the Swiss Alps.The Manor will offer 129 homes, with each floor having 14 units spanning 27 to 55 square meters. Each residence will feature a balcony, which opens to view of the Taal Lake.
“Residents will have an ultimate European experience of living at the Manor,” Glennford Heraldo, vice-president for sales and marketing for Twin Lakes at GERI, was quoted as saying in the statement.
The Manor will also provide residents two exclusive amenity decks, which include a swimming pool with lounge and spa, a function hall, a business center, a fitness center, a game room as well as outdoor amenities and a children’s play area.
The condominium is located within The Vineyard, the 1.3-hectare residential area of Twin Lakes that include a 10-hectare vineyard.
GERI tapped agriculturist Avelino Lomboy to oversee the vineyard. Consultants from Spain will age brandies and wines produced using the grapes harvested from the company’s tourism estate.
The products will be stored and showcased in a traditional wine chateau called Chateau Winery. The French-inspired cellar will be located next to a man-made lake within the Tagaytay development.
Residential development continues to drive the financial performance of GERI, contributing about 75% of the revenues booked by Megaworld’s 82.3%-owned subsidiary during the first semester.
In the six months to June, GERI posted a 37% increase in net income to P465 million from the P339 million recorded for the same period in 2015, following a 36% jump in revenues to P2.86 billion from P2.11 billion.
GERI has four other townships across the country: Boracay Newcoast in Boracay Island, Aklan (150 hectares); Southwoods City on the boundaries of Carmona, Cavite, and Biñan, Laguna (561 hectares); Sta. Barbara Heights in Sta. Barbara, Iloilo (173 hectares); and Alabang West (62 hectares).
Shares in GERI closed a centavo or 1.01% lower at 98 centavos apiece on the Philippine Stock Exchange on Thursday. — Keith Richard D. Mariano (BusinessWorld)
