Monday, April 7, 2014

Megaworld raising investment in Mactan Newtown to P30B| The Mactan Newtown

Megaworld raising investment in Mactan Newtown to P30B

April 7, 2014 12:59pm


Megaworld Corp. is leveling up its investment in Mactan Newtown in Cebu to P30 billion from P20 in the next five to seven years, expanding the project to 28.8 hectares from 16.8 hectares.

The expansion was made possible by a joint venture with Landmark Inc., covering an 11.5-hectare beachfront property that was popularly known as the Portofino Beach Resort, Megawold said in a  disclosure to the Philippine Stock Exchange on Monday.

The property giant plans to build five hotels in the township, including two beachfront hotels as well as a beach club and sports facilities.

The idea behind the township is to “spice up” the pioneering live-work-play-learn concept, said Noli D. Hernandez, Megaworld Cebu Properties Inc. president.

The company is also building five more officer towers in Mactan Newtown by 2020, to yield around 150,000 square meters of office space for around 45,000 workers in the information technology-business process outsourcing sector.

"We are fast-tracking the developments in The Mactan Newtown,” Hernandez noted.

“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. –

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