PH1 secures P1.25-B loan from Chinabank for Taytay project – BusinessWorld Online
REAL ESTATE developer PH1 World Developers, Inc. has secured a P1.25-billion loan from Sy-led China Banking Corp. (Chinabank) to fund the ongoing construction of its Modan Lofts Ortigas Hills mid-rise residential condominium project in Taytay, Rizal.
The loan deal, signed last month, marks the first partnership between the developer and Chinabank, PH1 said in an e-mailed statement over the weekend.
“This partnership is more than just about financing. It’s a vote of confidence in our vision and ability to deliver exceptional living spaces,” PH1 President Gigi G. Alcantara said.
“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,” she added.
Launched in July 2022, Modan Lofts Ortigas Hills features 17,901 square meters of total gross floor area. It is planned to include three mid-rise towers, each with over 20 floors and more than 300 units.
The project offers one-bedroom and two-bedroom units, with prices ranging from P5 million to P9 million.
Modan Lofts Ortigas Hills caters to upwardly mobile professionals, young families, and savvy investors seeking strong capital appreciation and future-proof urban living.
PH1 is the property development arm of Saavedra-led listed infrastructure conglomerate Megawide Construction Corp.
Megawide shares were last traded on Aug. 8, falling by 0.49% or one centavo to P2.02 per share. — Revin Mikhael D. Ochave
