40 Story Residential condominium at the Forbes Town Center in the Global City, overlooking the Manila Golf Course. It showcases executive studios to four-bedroom units.
With an endless stretch of green stares you in the face-beauty you can almost touch. Savor it all in a stylish home nestled at the edge of the majestic Manila Golf Course.
. Landscaped gardens and view deck at podium deck
. Horizon edge swimming pool with in-water pool lounge
. Children's swimming pool
. Paved subbathing deck and children's playground
. Function room, day-care center, game room and gymnasium
. Changing rooms
Bellagio Business Area
About Megaworld Codominium
In pursuit of its strategy to raise capital, on December 22, 2010, your company together with FEMI, the majority owner at that time, entered into a Subscription Agreement with Alliance Global Group, Inc. wherein Alliance Global will subscribe to 5 billion common shares of your company at a subscription price of One Peso per share for a total subscription price of 5 billion pesos. The shares were to be issued from the intended 5 billion increase in the capital stock of your company.
This major event led to a chain of events.
On January 12, 2011, your company entered into agreement with LIM Advisors for the settlement of the outstanding construction loans obtained by FEUDC, a wholly owned subsidiary; and, redemption of the LIM Convertible Bonds issued by FELI.
On the same day, Alliance Global paid in cash the amount of P 1,250,000,000 representing 25% of the total subscription price. The Board was convened and Mr. Andrew Tan was elected Chairman.
On January 20, 2011, your company's application for increase in authorized capital stock was approved by the Securities and Exchange Commission.
On the same date, Alliance Global fully paid the balance of the subscription price of P3,750,000,000.
On January 28, 2011, your company paid in full FEUDC's outstanding construction loans obtained for the completion of the Cathedral Heights Townhouses in Quezon City and Villas Maria and Margarita in Boracay.
On February 02, 2011, your company redeemed in full the LIM Convertible Bonds it issued in 2007 which bonds were issued to fund ongoing developments and for working capital.
On March 25, 2011, your company fully paid a 3 year term loan from a local bank which had been drawn in order to refinance a maturing loan utilized to complete the Camp John Hay Suites in Baguio.
On March 29, 2011, the Securities and Exchange Commission approved the change in name of your company to Global-Estate Resorts, Inc. and the accounting period from fiscal year to calendar year basis.
As a consequence of these chain of events, your company's authorized capital stock increased from 5 billion to 10 billion with the paid up capital increasing from P3,350,000,000 to P8,350,000,000. The increase in capital was subscribed in full and was paid in cash. The P5billion cash infusion has improved your company's liquidity position. Adequate funds have therefore been made available to meet your company's working capital requirements, settle debt, and pursue its development plans for existing projects and its large land bank. All interest bearing loans have been fully settled making your company virtually debt free, save for ordinary trade credit, and free from interest and debt service burden.
Your company is now 60% owned by Alliance Global and has been renamed Global-Estate Resorts, Inc. in line with the direction that the company will take. It is envisioned by Alliance Global that your company shall be the vehicle for the AGI Group for the development of master planned integrated tourism estates in the country's prime tourist spots such as Boracay, Tagaytay/Laurel and Nasugbu, Batangas.
With all these changes, your company's primary objectives now are to generate earnings; and, establish its position as a leading developer of master planned integrated tourism estates in the Philippines catering to both the domestic and foreign market.
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