Fil-Estate, Megaworld to develop tourism community in Tagaytay

ABS-CBN News

Posted at Jan 24 2011 07:34 PM | Updated as of Jan 26 2011 04:18 AM

MANILA, Philippines - A new integrated residential-resort development in Tagaytay will soon rise after two real estate companies decided to pursue the project.

In separate disclosures to the stock exchange on Jan. 24, Sobrepeña-led Fil-Estate Land, Inc. and Andrew Tan-led Megaworld Corp said they have teamed up to develop a world-class tourism-oriented project called "Twin Lakes," a 1,149 hectares

"Fil-Estate has just commenced the master-planning of Twin Lakes, a project set to offer resort estates overlooking panoramic views of its very own lake as well as Taal Lake," the disclosure said.

"Twin Lakes stretches from Tagaytay's mountain peak down to its lakeside," it added.

The first phase of development will include

  • a luxury hotel
  • residential villas and condominiums
  • a shopping village
  • botanical garden
  • sports and country club
  • plantation estates

The project cost of the initial phases is estimated to exceed P5 billion.

Succeeding phases will offer

  • a golf ourse
  • international hotels
  • boarding schools
  • a retirement village complete with wellness and medical amenities

"We want to take advantage of the cool weather in Tagaytay. Our ultimate goal is to transform these resort estates into prime destinations for medical and educational tourism over time," said Fil-Estate Vice President Sylvia Hondrade.

"The project's vast land size opens up a lot of possibilities for development," she added.

Stalled

The two real estate firms first formed a joint venture in 2007 to develop Twin Lakes, which sits on the Taal Ridge in Laurel town, Batangas.

Fil-Estate and Megaworld were supposed to infuse and initial P5 billion capital in cash plus property into a joint venture firm.

Fil-Estate called off the deal in November 2008, when the global financial crisis, then already in full swing, squeezed credit and slowed down real estate growth.

Meantime, Megaworld's parent, Alliance Global Group, went on with its tourism-related projects.

It opened Resorts World Manila, the country's very first integrated tourism estate, in August 2009.

Resorts World hosts

  • high-end hotels (Maxims Hotel, Marriott Hotel, Luxury Hamilton Hotel, Remington Hotel)
  • a grand mall
  • a world-class theater that seats 1,500 people
  • restaurants
  • high-end luxury shops
  • an exclusive lifestyle club
  • spas
  • gaming areas
  • others

In December 2010, Alliance Global announced that it acquired 60% in Fil-Estate Land in line with the the Tan-led firm's strategy of investing in tourism-related projects outside Metro Manila.