Township developer Megaworld Corporation’s leisure subsidiary Global-Estate Resorts, Inc. (GERI) is investing an initial P5 billion to develop a 117-hectare integrated lifestyle community in the highlands of Cagayan de Oro City.
In a joint disclosure to the Philippine Stock Exchange, Megaworld and GERI said the property is located along J.R. Borja Road in the highlands of Barangays Gusa and Indang, overlooking Downtown Cagayan de Oro.
“Ever since, we have already set our eyes on Cagayan de Oro City because this is the gateway to many parts of Northern Mindanao. For the past years, our Group has been carefully evaluating the concept of development that we want to put in this bustling city. Now is the perfect time to take part in the booming real estate industry of this side of Mindanao,” said Kevin L. Tan, president and CEO of Alliance Global Group, the parent company of Megaworld.
To be called The Upper Central, the project will feature residential villages, a pedestrianized commercial and shophouse district, mixed-use developments, and its own town center with scenic views of Macajalar Bay and the Malasag Mountain Range.
With its sloping terrain and a highest elevation of around 245 meters above sea level, the township will also have a central park, landscaped open spaces, and several viewing decks for future visitors and residents.
There will also be mountain and bike trails and an adventure park. Around 40 percent of the township will be dedicated to green and open spaces, including roads.
It is strategically located just 10 to 15 minutes from the city’s downtown area and less than an hour from Laguindingan International Airport, the main airport of Cagayan de Oro and the entire region of Northern Mindanao.
“We are envisioning to build a whole new lifestyle district in this higher part of Cagayan de Oro. The views are just amazing and breathtaking, and we are excited about how this area will be transformed into a vibrant community,” said GERI President Monica T. Salomon.
GERI, the primary developer of The Upper Central, is spending P5 billion to develop the integrated lifestyle community over the next 10 years.
Recent data released by the Philippine Statistics Authority (PSA) this year showed that Cagayan de Oro is the second-richest city outside of Metro Manila in terms of per capita GDP.
UK-based Oxford Economics also ranked Cagayan de Oro as the city with the third-largest urban economy in the Philippines, after Manila and Cebu.
“The Upper Central will be a milestone development as it is our 35th township launched on our 35th year in the Philippine real estate industry.
“As we develop this new township, our vision as a developer remains: to help uplift the lives of the community and also to help propel the local economy through the jobs that we create. We hope to impart this lasting impact to Kagay-anons and the rest of the people of Mindanao,” said Megaworld President Lourdes T. Gutierrez-Alfonso.,” said Megaworld President Lourdes T. Gutierrez-Alfonso.