MANILA, Philippines - Global-Estate Resorts Inc. (GERI) of property tycoon Andrew L. Tan has finalized its plan to put up a shopping mall in its largest fully-integrated township project south of Metro Manila.
Southwoods Mall Inc. (SMI), a subsidiary of the listed tourism estate developer, has signed a memorandum of agreement with Southwoods Ecocentrum Corp.
Under the deal, SMI agreed to lease a 1.9-hectare parcel of land owned by Ecocentrum located at the Southwoods City Commercial Center in Biñan, Laguna.
“The said parcel of land shall be used and developed by SMI as a commercial shopping mall with related facilities such as department stores, supermarket, restaurants, cinemas, parking, and commercial building to house business process outsourcing companies and for other office and retail establishments,†GERI said.
“The shopping mall will form part of fully-integrated master-planned township development dubbed as Southwoods City,†it added.
The 561-hectare, P10-billion township development is positioned to be the next residential, business, commercial and leisure hub that is closest and most accessible to Metro Manila.
Southwoods City, located in parts of Cavite and Laguna, is the largest fully-integrated township development of GERI.
Property firm Megaworld Corp. will take charge of the design, conceptualization and masterplanning of Southwoods City. It will also manage the office towers and commercial components of the township development.
Of the 561-hectare property, 376 hectares were allotted for the residential segment including the residential village Pahara. The 26-hectare Pahara consists of 602 available lots ranging from 239 to 523 square meters (sqm) with views of the golf course and the Laguna de Bay.
The 125-hectare portion of the township will be occupied by the Jack Nicklaus-designed Southwoods City Golf and Country Club while the remaining 60 hectares were set aside for the Southwoods Business Park.