Megaworld earmarks $1B for Bayshore project

Megaworld Corp.’s integrated tourism estate project at the so-called Entertainment City would entail an investment of more than $1 billion, business development consultant Danilo Madlansacay told reporters.

Madlansacay said the bulk of the amount would cover the construction of Megaworld’s residential and commercial projects in the 30-hectare area.

The 704-unit Bayshore Residential Resort will be composed of six residential towers. Take-up has been strong despite the high-end pricing and most of the units have been pre-sold, Megaworld International sales manager Michael Pena said.

Commenting on the strong appetite of condominium buyers despite the more than P100,000-per-square-meter tag price, Madlansacay said buyers put a premium on having a bayside residence and being near world-class facilities such as Resorts World Bayshore (to be developed with Genting Hong Kong Ltd, an 18.4-percent unit of Genting Malaysia Bhd) and the upcoming Grand Opera House (which may have double the 1,500-seating capacity of the Newport Performing Arts Theater).

Aside from developments at the Entertainment City, Megaworld is also lining up the 8 Newtown Boulevard and One Pacific Residential projects in Cebu, the Uptown Ritz and Viceroy Residences in Fort Bonifacio) and Noble Place in Chinatown, Binondo.

Megaworld was incorporated in the Philippines in 1989 and has since been developing large scale mixed-use communities or townships that integrate residential, commercial, leisure and entertainment components. In its official website, the company said it was engaged in property-related activities, such as project design, construction and property management. The company’s real estate portfolio includes residential condominium units, subdivision lots and townhouses, as well as office projects and retail spaces

The parent company of Megaworld is Alliance Global Group, Inc. (AGI), which is also listed on the Philippine Stock Exchange. AGI is a holding company and is currently engaged in the food and beverage business, real estate, quick service restaurant and tourism-oriented businesses.