Megaworld hikes investment in Cebu township to P30B

Rappler.com
The company is building residential condominiums, office towers and hotels in the township called The Mactan Newtown

MACTAN NEWTOWN. President Benigno S. Aquino III looks at the Mactan Newtown scale model presented by Megaworld chairman and chief executive officer Andrew Tan during the Mactan Newtown grand launch

MANILA, Philippines – Property giant Megaworld Corporation of tycoon Andrew Tan said on Monday, April 7 it would increase its investment in its township project in Lapu-Lapu, Cebu to P30 billion from P20 billion in the next 5 to 7 years.

The Mactan Newtown was expanded to 28.8 hectares from 16.8 hectares after Megaworld formed a joint venture with Landmark Inc. for the development of an 11.5-hectare beachfront property.

In a disclosure to the Philippine Stock Exchange Monday, Megaworld said it would build 5 hotels in the township, two of which would be beachfront hotels.

It would also build its own exclusive, world-class beach club and sports facilities.

Aside from these, Megaworld would also add at least 5 office towers by 2020. The office towers would offer around 150,000 square meters of space that could accommodate an estimated 45,000 workers in the information technology-business process outsourcing sector.

For the residential segment, Megaworld has 10 luxury condominium towers in the pipeline: 4 towers for 8 Newtown Boulevard, which is expected to be completed by first half of 2015; 3 towers for One Pacific Residence; and 3 towers for One Manchester Place. All residential projects would offer pre-furnished units.

By 2016, Megaworld would open the Newtown School of Excellence, a
state-of-the-art educational institution that would be supervised by
the Lasallian Schools Supervision Office. Sitting on a 7,000-square meter property near the township’s main entrance, the school would initially accept students in the primary level during its first year.

“We are fast-tracking the developments in The Mactan Newtown. With the rehabilitation of the new Mactan International Airport and the expansion of businesses to Lapu Lapu City, which is now the second fastest-growing highly urbanized city in the country, we see The Mactan Newtown rising to become Cebu’s next central business district in the booming side of Mactan Island,” said Noli Hernandez, president of Megaworld Cebu Properties Inc.

Megaworld has 6 mega projects in Metro Manila. These include Eastwood City in Libis, McKinley Hill in Fort Bonifacio, Newport City in Villamor Airbase, Cityplace in Chinatown, Forbes Towncenter also in Fort Bonifacio and Manhattan City Garden in Cubao. – Rappler.com

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