Megawide’s PH1 secures P500 million loan from BPI

MANILA, Philippines — Megawide’s property development company PH1 World Developers has secured a P500-million loan from Ayala-led Bank of the Philippine Islands (BPI) to fund a horizontal development in Bulacan.

In September last year, PH1 launched a 4.6-hectare residential development in San Jose Del Monte called Northscapes.

Featuring 338 energy efficient housing units, Northscapes San Jose del Monte is bringing sustainable living to Bulacan.

“We thank BPI for their vote of confidence in both PH1 and Megawide, through Northscapes, and our goal to bring energy-efficient communities to emerging locations such as San Jose del Monte,” PH1 president Gigi Alcantara said.

Aside from funding the development of Northscapes, the loan is also expected to accelerate PH1’s value creation drive, which is projected to be a major growth platform for its parent-contractor Megawide in the next two years.

“Financing for Northscapes aligns with BPI’s vision to build a better Philippines – one family, one community at a time. We look forward to more collaboration with PH1 to further advance our shared goal of creating positive change and developing sustainable communities,” said Luis Cruz, head of commercial banking relationship management group, institutional banking segment at BPI.

With innovative enviro-smart features, the Northscapes project has earned accolades, including Best Green Development and Best Housing Development at the 2023 Carousell Property Awards.

Each house is designed with features such as solar panels, tinted windows and insulated walls aimed at reducing the energy needed and significantly cut down electricity costs.

Townhouses at Northscapes range from 53 square meters or 70 sqm, while single attached house models can have up to 95 sqm of space.

“Our commitment to buyers is to build homes with superior quality and offer an excellent community experience, expected from PH1 — the real estate arm of the country’s most innovative engineering company Megawide. 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 Tan said.

Last year, Megawide acquired PH1 World from Citicore Holdings Investments Inc. for P5.2 billion. It is focused on the affordable housing segment to address the gaps in the Philippine housing market.