PH1 World Developers (PH1WD), the property development arm of listed engineering and infrastructure conglomerate Megawide Construction Corp. (Megawide), has secured a P500-million loan from Bank of the Philippine Islands (BPI) to fund the development of a residential project in Bulacan.
The loan deal was signed last July 16 and the funds will be used to develop the 4.6-hectare, 337-unit Northscapes residential project in San Jose del Monte, Bulacan.
The project is expected to accelerate PH1WD’s value creation drive and provide a major boost for parent and contractor Megawide in the next two years, the company said.
“We thank BPI for their vote of confidence in both PH1WD and Megawide, through Northscapes, and our goal to bring energy-efficient communities to emerging locations such as San Jose del Monte,” PH1WD President Gigi Alcantara said.
Eric Gregor Tan, general manager for horizontal developments at PH1WD, added that “our commitment to buyers is to build homes with superior quality and offer an excellent community experience.”
Luis Cruz, head of BPI’s commercial banking relationship management group, said “financing for Northscapes aligns with BPI’s vision to build a better Philippines — one family, one community at a time.”
Launched in September 2023, Northscapes will feature 338 energy-efficient housing units ranging in size from 53 square meters (sqm) to 70 sqm and single-attached house models with sizes of up to 95 sqm.
Each unit will feature solar panels, tinted windows and insulated walls to cut energy consumption and electricity costs.
“We make sure that our enviro-smart features and green community living are accessible to starter and growing families, whether their preference is a townhouse or a single-attached model,” Tan said.
Shares of PH1WD parent Megawide dipped 2 centavos to P2.86 apiece on Tuesday.
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