MEGAWIDE CONSTRUCTION Corp.’s property unit, PH1 World Developers, Inc., has secured a P3-billion development loan from BDO Unibank, Inc. for its vertical project in Quezon City, its president said on Wednesday.
PH1 World Developers intends to use the loan proceeds for its 45-storey development called My Enso Lofts, according to the company.
“The transaction marks a significant milestone for PH1, giving a seal of approval on the My Enso Lofts’ prospects and establishes our company’s credit worthiness as a legitimate player in the industry,” said PH1 President Ma. Gilda G. Alcantara in a press release.
My Enso Lofts was launched in November 2020 and is expected to be completed by 2026. It will follow the maiden development of PH1 in Taytay, Rizal which is said to be currently at the tail end of turning over.
“PH1 has shown its ability to deliver on its commitments, followed by a healthy take-up of newly launched projects,” said Cecile Tan, lead co-head of institutional banking group at BDO Unibank.
“The company’s rich pipeline can potentially anchor a stronger and longer-term business relationship between our organizations that we can further build on,” she said.
PH1’s other projects include the recently launched Modan Lofts Ortigas Hills, along with projects in Pasig City and Pampanga.
The company also plans to launch a horizontal development in Bulacan through Northscapes San Jose Del Monte, which will mark its first venture into horizontal projects.
Aiming to prioritize energy efficiency, Northscapes will incorporate solar panels, tinted windows, insulated walls, e-shuttles, and solar-powered street lights.
Last month, Megawide announced its intention to acquire the 100% outstanding capital stock of PH1 from Citicore Holdings Investments, Inc. for P5.2 billion. — Justine Irish D. Tabile