For Mactan township project: Property giant hikes investment to P30B

CEBU, Philippines - Listed property giant Megaworld Corporation announced yesterday that it is increasing its investment for the Mactan Newtown from P20 billion to P30 billion to develop the 28.8-hectare township for the next five to seven years.

This after the Megaworld has acquired a property facing the historic Mactan Shrine and has partnered with Landmark, Inc. to develop the 11-hectare beachfront property (formerly Portofino Beach), said Noli D. Hernandez, Megaworld Cebu Properties, Inc. president.

“We will be building five hotels in the township,” said Hernandez. “This will include three business and luxury hotels and two beachfront hotels facing the Hilutungan Channel.”

He also said the property developer will also build the exclusive, world-class “Ocean Beach Club” at the township’s beachfront and sports facilities that will promote active beach lifestyle.

In two years, it will also open the 7,000-square meter Newtown School of Excellence, a modern educational institution that will be managed by the Lasallian Schools Supervision Office.

The school will initially be open to primary students for the School Year 2016-2017.

Moreover, Megaworld will soon provide jobs to an estimated 45,000 workers in the information technology and business process outsourcing sectors as it will also construct at least five more office towers by 2020. The towers will offer around 150,000 square meters for office spaces. 

“Presently, the Mactan Newtown has 10 luxury condominium towers in the pipeline,” he said.

These include four towers for 8 Newtown Boulevard to be completed by first half of next year, three towers for One Pacific Residence and three towers for One Manchester Place, he added.

“We are fast-tracking the developments in The Mactan Newtown,” he said.

Hernandez also believed the newtown will become Cebu’s next central business district, citing potential factors such as the rehabilitation of the new Mactan International Airport and the expansion of businesses in Lapu-Lapu City.

Lapu-Lapu, he said, is now the second fastest-growing highly urbanized city in the country. (FREEMAN)