By Neil Jerome C. Morales (The Philippine Star) | Updated April 8, 2014 - 12:00am
MANILA, Philippines - Megaworld Corp. of property tycoon Andrew L. Tan is increasing anew its investment in its first township project in Cebu.
In a disclosure, Megaworld said capital spending for the Mactan Newtown project would reach P30 billion in the next five to seven years to reflect the inclusion of a beach area.
In February, Megaworld jacked up its investment commitment in the 28.8-hectare township project to P20 billion from P10 billion.
“This is the most exciting time for The Mactan Newtown. With the new beach area up for development, we are spicing up our pioneering live-work-play-learn concept,” said Noli D. Hernandez, president of Megaworld Cebu Properties Inc.
The Mactan Newtown project would allow residents, workers, retail partners and customers in the township project to take advantage of the beach lifestyle, Hernandez said.
Megaworld is expected to build five hotels in the township, which would include two beachfront hotels overlooking the Hilutungan Channel.
Business ( Article MRec ), pagematch: 1, sectionmatch: 1
It is also building an exclusive, world-class beach club at the township’s beachfront, and sports facilities that would promote active lifestyle by the beach.
“The beach vibe of The Mactan Newtown will definitely make the township stand out from other mixed-use developments in Cebu. We envision this township to be the next big thing to happen in Central Visayas,” Hernandez said.
Aside from the hotels and beach club, Megaworld is also adding at least five more office towers in the township by 2020, offering around 150,000 square meters (sqm.) of office spaces that can accommodate an estimated 45,000 workers in the information technology-business process outsourcing sector.
For the residential segment, Mactan Newtown has 10 luxury condominium towers in the pipeline: four towers for 8 Newtown Boulevard that is expected to be completed by first half of 2015, three towers for One Pacific Residence and three towers for One Manchester Place.
In 2016, Megaworld will open the Newtown School of Excellence, a state-of-the-art educational institution that would be supervised by the Lasallian Schools Supervision Office.
“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,” Hernandez said.
Megaworld is the property arm of Alliance Global Group Inc., which is also into liquor (Emperador Distillers Inc.), fastfood (McDonald’s franchise operator Golden Arches Development Corp.) and hotels and casino (Travellers International Hotel Group Inc.).
In more than 20 years of operations, the Megaworld group has completed more than 240 residential and office buildings with a total floor area of around six million square meters (sqm.).