GLOBAL-ESTATE Resorts Inc. (GERI), a subsidiary of Megaworld Corp., on Thursday said that it would be developing a 116-hectare beachside property in Nasugbu, Batangas.
The development, to be called the Nascala Coast, will become Megaworld’s 36th township, GERI told the stock exchange.
GERI will initially allocate P5 billion for the project in the next five years.
“Nascala draws its name from ‘Nasugbu,’ the picturesque municipality in Batangas where it rises, and the Spanish word ‘Escala,’ meaning ‘climb’ — a fitting nod to its elevated setting near the coast,” GERI President Monica Salomon said.
She said the township is envisioned to be a “thriving coastal address.”
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The development will be 2 1/2 half hours’ drive from Metro Manila and roughly an hour away from Tagaytay. It will also be easily accessible via the South Luzon Expressway, Manila-Cavite Expressway or the Ternate-Nasugbu Highway.
The company’s shares on Thursday closed up 1.72 percent at P0.59 apiece.
