REAL ESTATE
Megawide’s PH1 secures P1.25 billion Chinabank loan for Modan Lofts project
PH1 World Developers (PH1WD), the property development arm of Megawide Construction Corp., has successfully secured a P1.25-billion development loan from China Banking Corp. (Chinabank) to advance the Modan Lofts Ortigas Hills project in Taytay, Rizal.
The loan agreement, signed last month, marks a significant first partnership between PH1WD and Chinabank. Both companies expressed strong confidence in the long-term potential of the real estate corridor in eastern Metro Manila, despite prevailing market challenges.
Gigi Alcantara, President of PH1 World Developers, emphasized the broader implications of the deal. “This partnership is more than just about financing. It’s a vote of confidence in our vision and ability to deliver exceptional living spaces,” Alcantara stated. She added, “Even amid market headwinds, Chinabank recognized the long-term value we’re building at Modan Lofts Ortigas Hills. This brings us closer to our mission of delivering the first-world living experience to every Filipino.”
The Modan Lofts Ortigas Hills project, launched in July 2022, is a mid-rise residential condominium spanning a total gross floor area of 17,901 square meters. The master-planned development is set to feature three towers, each rising over 20 floors and offering more than 300 residential units. These units, available in one- and two-bedroom layouts with complimentary loft spaces, are priced between P5 million and P9 million.
PH1WD is targeting mobile professionals, young families, and investors with the Modan Lofts project. The company highlighted Taytay’s growing appeal as a viable residential alternative to Metro Manila’s core areas. This appeal is further bolstered by anticipated infrastructure developments, such as the MRT-4 line, which are expected to significantly enhance connectivity and stimulate economic growth in the region. PH1WD noted that Taytay is strategically positioning itself as a “next-generation growth hub for residents and investors alike” due to its lower land costs and increasing commercial activity.
