MACROASIA Corp. has partnered with Maplecrest Group Inc., the parent company of Property Company of Friends (Pro-Friends), in a joint water project in Cavite.
In a disclosure to the stock exchange on Friday, MacroAsia said its wholly owned subsidiary Naic Water Supply Corp. entered into a joint venture agreement that will provide water in the communities developed by Pro-Friends such as Lancaster New City, Bellefort Estates, Carmona Estates, and other ongoing and future projects.
The agreement will also include Pro-Friends’ development in Iloilo, the company added. MacroAsia entered water distribution in 2016 and currently has business interests in the provinces such as Nueva Vizcaya, Cavite, Bulacan, Albay, and Boracay. The company is also pursuing other water projects in Cebu, Iloilo, and Rizal.
“Recently, MacroAsia completed the construction and installation of its Maragondon Plant for its bulk water project in Cavite which is currently under commissioning stage,” the disclosure said. Pro-Friends’ Lancaster New City is a 1,700 hectare township development project that covers the towns of Kawit, Imus, and General Trias in Cavite.
“Lancaster New City now has close to 20,000 house and lot units built and delivered,” the disclosure said.
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Other projects of Pro-Friends in Cavite include Bellefort Estates in Bacoor; Carmona Estates in Carmona; and Micara Estates in Tanza. The firm also has a project in Pavia, Iloilo named Monticello Villas.
On Friday, MacroAsia shares at the stock exchange rose 5.84% or 45 centavos to close at P8.15 per piece. — Revin Mikhael D. Ochave
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