GERI budgets P4.5B for new projects in Tagaytay township until 2021
The leisure unit of Andrew Tan?s Megaworld Corp. is spending P4.5 billion over the next four years to fast track the development of Twin Lakes, a masterplanned tourism estate near Tagaytay City.
Global Estate Resorts Inc. has budgeted a total of P7 billion for the development of the 1,200 hectare Twin Lakes which offers residential villas, condominiums, townhouses, hotel and resort, commercial and retail hubs, and leisure facilities.
?So far, we?ve already spent P2.5 billion and the remaining P4.5-billion will be spent in the next four years. We are certainly bullish about accelerating the developments within Twin Lakes within the given time frame,? said Monica Salomon, President of GERI.
GERI is set to turn over around 151 units of the two towers of The Vineyard Residences, the first residential condominium development in Twin Lakes. This residential development, composed of three towers with a total of 245 units, boasts of unparalleled views of Taal Lake and Volcano, Tagaytay ridges and the surrounding vineyard where real grapes are being grown.
Unit prices of The Vineyard Residences increased by almost 15 percent since the project?s launch in 2012. GERI?s revenues from this residential project reached P3.5 billion.
?Demand for residential units inside Twin Lakes continues to pick up. That is why we?ve launched two more condominium developments during the last three years: The Manor at Twin Lakes, and recently, The Belvedere, adding 729 units in our residential inventory,? Salomon said.
GERI also launched two residential villages within the estate – Domaine Le Jardin and Lucerne – with a total of 838 lots.