Megaworld raises Maple Grove capex by 50% to P15 B

Published March 20, 2019, 12:00 AM

by manilabulletin_admin

By James A. Loyola

Megaworld Corporation, the country’s largest developer of integrated urban townships, is increasing its 10-year capital expenditure budget for its Cavite project by 50 percent to P15 billion from P10 billion for a taller but greener development.

Kevin L. Tan
Kevin L. Tan

In a press briefing, Megaworld Chief Strategy Officer Kevin L. Tan said the higher budget will allow them to pursue a more vertical development plan for the 140-hectare Maple Grove township in General Trias compared to the previous plan which was more horizontal.

“Firstwe expanded the actual property. It was all in the first phase before.We earlier intended to have more horizontal projects in nature but we started to see demand to go vertical,” said Tan.

After the launch of the first condominium and office tower in Maple Grove, Tan said they are now rethinking strategy in some vertical developments and thus needed a higher capex budget.

In addition to Megaworld’s vertical projects, Megaworld Vice President for Sales and Marketing Rachelle Peñaflorida said buyers of their commercial lots are also planning to build schools, hospitals, hotels and office towers.

Tan said Megaworld is starting the land development and commencing the construction of its first Megaworld Lifestyle Mall in the township.

“We are fast tracking the developments in Maple Grove as we see a growing demand from both residential and office market in this area,” said Tan.

The two-level “sustainable” mall, which will have around 24,000 square meters of gross floor area, will have several retail and food and beverage outlets, four cinemas, indoor events area, and an anchor supermarket.

The mall will be equipped with exceptional light-transmitting architectural systems that maximizes the use of natural sunlight while maintaining comfort cooling condition inside the building.

It will also be designed with grey water recycling facilities, perceived cooling design for air-conditioning, and provisions for roof solar panels.

“We will complete the construction of the mall within two years alongside the land development, as we expect the Maple Grove community to grow fast in the next five years,” added Tan.

Dubbed as the ‘Green City of the South,’ Maple Grove boasts of several sustainability features that include a Rainwater Park, which is a two-hectare tree park designed to accommodate the township’s rain water runoff, a landscape drip irrigation system, bike lanes, central material recovery facility, pocket gardens and tree parks, as well as vertical gardens in various buildings around the township.

The township will feature Fiber Optic Cabling System, and it will also have its own Transport Hub, chapel, as well as other leisure and recreational facilities.

“The whole idea of Maple Grove is to make it walkable and environmentally sustainable. This will so far be our greenest township,” explained Tan.

He noted that, “General Trias is a key growth city in Cavite. We look forward to building its own ‘green’ CBD, and this is happening in the next 5 to 7 years.”