Andrew Tan. INQUIRER FILE PHOTO
MANILA, Philippines — Tycoon Andrew Tan’s Megaworld Corp. has sealed new property deals in Cebu to expand its township project Mactan Newtown by 12 hectares, including a joint venture to develop a vast beachfront property.
Megaworld disclosed to the Philippine Stock Exchange on Wednesday the expansion of Mactan Newtown, the company’s biggest property project in Cebu, from 16.8 hectares to 28.8 hectares. Part of this expansion is the development of a 11.5-hectare beachfront property formerly known as Portofino Beach Resort in a joint venture with Landmark Inc., the owner of the property.
“The expansion will allow us to provide more enhanced features aligned towards resort-style living, perfect for active retirees and investors,” said Noli Hernandez, president of Megaworld Cebu Properties Inc.
At the same time, Megaworld acquired a half-hectare property fronting the famous Mactan Shrine on Punta Engaño Road. This will be connected to its proposed Punta Engaño entrance, which the company intends to be one of the main access points to the township project.
With the acquisition of the property, the company said the Mactan Newtown would strengthen its reputation as a major tourism hub on Mactan Island.
“Megaworld is also committed to help rehabilitate the famous historical landmark and its surroundings,” the disclosure said.
The company aims to create in Cebu a “more unique and exciting” township development not only for its future residents but also for business process outsourcing workers, office and commercial tenants, students, and visitors.
Last year, Megaworld teamed up with the La Sallian Schools Supervision Office to construct a school within The Mactan Newtown.
With regard to ongoing developments in the township, construction of the first residential condominium cluster, 8 Newtown Boulevard, is in full swing and is expected to be completed next year.
On the office segment, the second office tower, Two World Center, is expected to be completed by the second half of this year.
“It is going to be an exciting year for The Mactan Newtown. We are overwhelmed by the favorable response of Cebuanos and investors to our residential projects as well as to our office towers. We will definitely continue to build more structures in the township within the next few months,” Hernandez said.
Excluding capital outlays required by the expansion, Megaworld earlier estimated capital spending on Mactan Newport to reach P20 billion in the next five to seven years. Part of the master plan is to develop premier residential communities with the finest amenities, upscale hotels, premium commercial establishments and BPO office towers. It has been declared a “special economic zone,” allowing locators to enjoy various privileges such as tax incentives and holidays.