December 3, 2024 | 12:00am
MANILA, Philippines — Property giant Megaworld Corp. has started the ball rolling for its 35th township development in the country.
Through its subsidiary Global-Estate Resorts Inc. (GERI), Megaworld said it is developing a 117-hectare integrated lifestyle community in the highlands of Cagayan de Oro City called The Upper Central.
GERI is allocating an initial P5 billion to develop the entire integrated lifestyle community in the next 10 years.
Alliance Global Group president and CEO Kevin Tan said the company has set its sights on Cagayan de Oro City for a long time now.
Megaworld said that Cagayan de Oro is the second richest city outside of Metro Manila in terms of per capita GDP based on the latest data released by the Philippine Statistics Authority.
It has also been ranked as the third city in the Philippines with the largest urban economy by UK-based Oxford Economics.
“Ever since, we have already set our eyes on Cagayan de Oro City because this is the gateway to many parts of Northern Mindanao,” Tan said.
“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,” he said.
The Upper Central will feature residential villages, a pedestrianized commercial and shophouse district, mixed-use developments as well as its own town center highlighted by scenic views of the Macajalar Bay and the Malasag Mountain Range.
The township will also have a central park, distributed landscaped open spaces and several viewing decks for future visitors and residents.
Further, it will have mountain and bike trails as well as its own adventure park.
Megaworld said around 40 percent of the entire township would be dedicated to green and open spaces, including roads.
“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,” GERI president Monica Salomon said.
The Upper Central is 10 to 15 minutes away from the city’s downtown area and less than an hour away from Laguindingan International Airport, the main airport of Cagayan de Oro and the entire region of Northern Mindanao.
Megaworld earlier promised to end the year with 35 townships in line with the celebration of its 35 years in the Philippine real estate industry.
“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,” Megaworld president Lourdes Gutierrez-Alfonso said.
“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,” she said.
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