REAL ESTATE company PH1 World Developers, Inc. has signed a P500-million loan deal with the Ayala-led Bank of the Philippine Islands (BPI) for its Northscapes housing project in San Jose del Monte City, Bulacan.
The loan will finance the development of Northscapes, a 4.6-hectare residential project launched in September last year, PH1 said in an e-mailed statement on Tuesday.
“This partnership with BPI will ensure that we will deliver on our promise and is a testament to the collaborative mindset of both our organizations to promote accessible green and modern living,” PH1 General Manager for Horizontal Developments Eric Gregor G. Tan said.
PH1 is the real estate unit of the listed engineering conglomerate Megawide Construction Corp. The loan will help accelerate PH1’s value creation drive, as it is expected to become a growth driver for Megawide in the next two years, according to the company.
PH1 President Gigi G. Alcantara said the loan supports the company’s goal of bringing energy-efficient communities to emerging locations such as San Jose del Monte City.
Northscapes will feature 338 housing units. The townhouses at Northscapes range from 53 square meters (sq.m.) to 70 sq.m., while the single-attached house models can have up to 95 sq.m. of space.
Megawide acquired PH1 from Citicore Holdings Investment, Inc. in July last year for P5.2 billion, as the conglomerate targets the below-middle-income and middle-income segments of the real estate market.
Other PH1 projects include Modan Lofts Ortigas Hills condo project in Taytay, My Ensō Lofts in Quezon City, The Hive Residences condo in Taytay, and the Northscapes housing development in Bulacan.
It also has a joint venture with Property Company of Friends, Inc. to build the One Lancaster Park condo project in Imus City, Cavite.
On Tuesday, Megawide stocks dropped by 0.69% or two centavos to P2.86 apiece. — Revin Mikhael D. Ochave
