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Megaworld doubles Mactan investments

By Jenniffer B. Austria | Posted on Feb. 21, 2013 at 12:02am
[ manilastandardtoday.com ]
The big launch. President Aquino and Megaworld chairman Andrew Tan view a scale model of The Mactan Newtown, the P20-billion township project of Megaworld inaugurated Tuesday in Lapu Lapu City, Cebu. Aquino’s Cebu visit coincided with his Team Pnoy’s campaign sorties starting from Cebu on Tuesday to Iloilo on Thursday. For his part, Tan said during the inauguration that the township’s BPO sector was expected to generate 25,000 jobs for Cebu in the next five to seven years.
Condominium builder Megaworld Corp. said Wednesday it is doubling its investments in a 16-hectare township project in Mactan, Cebu to P20 billion to transform the property into a mixed-use development.
“In the next 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,” Megaworld chairman and chief executive Andrew Tan said in a statement.
Tan issued the statement during the project’s formal inauguration attended by President Benigno Aquino Ill.
Megaworld last year launched two residential condominiums, which have been sold out mostly to Japanese retirees. A new residential cluster is scheduled to be launched this year.
The property company also completed the construction of a five-story office building that will house two business process outsourcing companies, EnfraUSA and Results Manila.
“We have fully leased out One World Center, so we will be starting the construction of our second BPO tower, Two World Center, this year. It will accommodate an additional 2,000 workers. We hope to have it ready by first quarter of next year as several big BPO companies are already lining up to lease,” said Jericho Go, first vice president for business development and leasing group of Megaworld.
More office spaces over the next two to three years will be available for lease with the construction of two office towers that could accommodate around 13,000 BPO seats.
“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 said.
Megaworld currently has big projects in Metro Manila. These are 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.
Megaworld earlier said it would spend P35 billion this year and launch 10 residential projects during the first half of the year.
Megaworld booked P63.5 billion in reservation sales last year, which was equivalent to 550,000 square meters of saleable area. The 2012 reservation sales figure was 71 percent higher compared to a year ago.
The real estate reservation sales came from the three brands, including Megaworld, Empire East Land and Suntrust. Each of the brands caters to specific markets ranging from the luxury to middle income to affordable segments.
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