Megaworld invests P20-B in Mactan Newtown
MANILA, Philippines - Megaworld Corp, the property arm of tycoon Andrew Tan, is doubling its investment in a township project in Cebu to P20 billion.
Tan announced this On Wednesday, February 20, at the inauguration ceremoney for the 16-hectare Mactan Newtown project that President Benigno Aquino III attended.
"In the next 7 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 a sports and leisure facility," Tan said.
"We see the Mactan Newtown as a major driver of growth for Lapu Lapu City and Cebu in general in terms of job opportunities, sports and recreation, retail shopping and of course, tourism," Tan added.
Mactan Newtown's township concept is the newest addition to Megaworld's portfolio, which includes Eastwood City in Quezon City, McKinley Hill in Taguig City and Newport City in Pasay City.
Aquino praises development
While speaking at the Mactan Newtown inauguration, the president singled out his host, complimenting its numerous projects before inviting the company to invest in his home region of Central Luzon.
"I have noticed that Megaworld’s name is popping up quite often in the list of projects that I am inaugurating... At the rate you are investing in the country, I will be more than happy to join you for more inaugurations like this one."
The president lauded companies like Megaworld for "opening their checkbooks to make serious bets in the country."
Aquino credited his administration's efforts for making it easier for companies to enter the market or expand. "We are making sure that we provide competitive incentives to those investing in our priority sectors," he said.
"Across all sectors, our administration, in the coming weeks, months, and years, will continue giving you reasons to invest in the Philippines and to stay in the Philippines... We will maintain the business environment that has led to investments like these."
Megaworld earlier announced that it will spend P35 billion in capital expenditures as it looks to launch 10 residential projects in the first half of 2013. - Christian Bautista/Rappler.com