MANILA – Megaworld’s Global Estate Resorts Inc. (GERI) will be spending P10 billion within 10 years to develop a 173-hectare township in Sta. Barbara, Iloilo.
GERI said part of the budget has already been spent for land development and construction of a residential village, which started four years ago.
It said it sees the potential of the project, called Sta. Barbara Heights, of becoming a full-blown township because of its strategic location near the Iloilo International Airport.
“In the next five to 10 years, this masterplanned community will help spur economic activities in this town, and we will be able to provide transient passengers and tourists with facilities that are truly welcoming and world-class,” said GERI president Monica Salomon.
Half of the entire development is allocated for the Sta. Barbara Heights Residential Estates, a residential village with three phases offering around 1,000 lots.
Sta. Barbara Heights is set to become the 18th township of Megaworld, and is one of the five masterplanned communities that GERI is currently building across the country.
Other developments include the 1,200-hectare Twin Lakes in Alfonso, Batangas; the 561-hectare Southwoods City in the boundaries of Cavite and Laguna; the 150-hectare Boracay Newcoast in Boracay Island; and the 62-hectare Alabang West in Las Pinas City.
In 2014, GERI’s net income jumped to P480 million, a 41 percent increase year-on-year without non-recurring gains.
Salomon said the company expects a net income growth of 30 percent this year.