MANILA, Philippines - Property developer Megaworld Corporation is doubling its capital expenditure for the Mactan Newtown in the next five to seven years. From the original budget of P10 billion, Megaworld has now set the capex to P20 billion.
This was announced yesterday by Megaworld chairman and chief executive officer Andrew L. Tan during the formal launching of the 20-hectare township facility located in Mactan Island.
“In the next five to seven years, we are investing P20 billion in this township to build luxury residential condominiums, office towers, a world-class lifestyle mall, our very own Richmonde Hotel and soon- a sports and leisure facility,†Tan said.
Yesterday’s formal inauguration was graced by President Benigno Aquino III, who lauded Megaworld’s unwavering confidence in the Philippine economy saying, Megaworld’s world-class developments promoting “live, work and play†formula in the country such as the successful Eastwood City in Taguig, among others are viable checkpoints for the Philippines to reinforce its positioning as “Asia’s next tiger economy.â€
According to Aquino the entry of Mactan Newtown facility in Cebu will not only strengthen the province’s business process outsourcing sector (BPO), and real estate with its residential component, but it will also propel the growth of tourism sector here.
Aquino lauded Megaworld’s big ticket investment as it reinforces the Philippines’ capability to lure more investors both foreign and local.
The Mactan Newtown is said to be the biggest project so far of Megaworld in the southern Philippines.
Two luxury residential condominiums were launched in 2012- 8 Newtown Boulevard and One Pacific Residence - both are already sold out mostly to Japanese retirees. Tan bared a new residential cluster will be launched this year.
Megaworld has partnered with the Philippine Retirement Authority, allowing foreigners who want to retire at the Mactan Newtown to get a special resident retiree’s visa.
As a cyberpark, Mactan Newtown is expected to generate employment for 25,000 full-time business process outsourcing (BPO) workers in the next five to seven years.
“Two BPO companies- EnfraUSA and Results Manila, are ready to start their operations by April,†Tan said, adding that both are first-time locators in Cebu and will employ a combined 1,400 workers.
These companies will occupy the five-story One World Center, the first office tower to rise in the township.
Jericho Go, Megaworld first vice president for business development and leasing group, said that with the first office building already fully leased out, Megaworld will begin construction of its second BPO tower- Two World Center- this year, and is slated for completion in the first quarter of 2014.
The second tower is expected to accommodate an additional 2,000 workers.
In two to three years, more office spaces will be available for lease as 8 Newtown Boulevard and Pacific World Tower will open for business. Both towers will be able to generate employment of about 13,000 BPO seats.
“We see the Mactan Newtown as a major driver for growth for Lapu Lapu City and Cebu, in general, in terms of job opportunities, sports and recreation, retail and shopping, as well as tourism,†Tan said.
Megaworld also revealed plans to bring the world-class concept of Megaworld Lifestyle Malls at the Mactan Newtown to provide residents and BPO employees’ as well tourists, a unique experience in shopping, dining, leisure and entertainment. (FREEMAN)