Tycoon Andrew Tan-led property developer Megaworld Corp. is raising its investment in 28.8-hectare township project The Mactan Newtown in Cebu, seen as the “next big thing to happen in Central Visayas.”
Megaworld has expanded its investment commitment to this project within the next five to seven years to P30 billion from P20 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 Hernandez, president of Megaworld Cebu Properties Inc.
He said the same lifestyle was being offered to Megaworld’s future township residents, office workers, retail partners and customers, as well as students and academic personnel in the Newtown School of Excellence which will open by 2016.
The Newtown School of Excellence is a state-of-the-art educational institution that will be supervised by the Lasallian Schools Supervision Office. Sitting on a 7,000-square meter property near the township’s main entrance, the school will initially open to students in the primary level for the school year 2016-2017.
Megaworld is expected to build five hotels in the township which will include two beachfront hotels overlooking the Hilutungan Channel.
The company is also building its own exclusive, world-class beach club at the township’s beachfront and sports facilities that will 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,” Hernandez added.
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 of office spaces that can accommodate around 45,000 workers in the information technology-business process outsourcing (IT-BPO) sector.
On the residential segment, The Mactan Newtown has 10 luxury condominium towers in the pipeline: four towers for 8 Newtown Boulevard which is expected to be completed by first half of 2015; three towers for One Pacific Residence; and three towers for One Manchester Place.
All residential towers offer pre-furnished units that promise magnificent views of the Hilutungan Channel on the east and the historic Magellan Bay on the north.
“We are fast-tracking the developments in The Mactan Newtown. With the rehabilitation of the new Mactan Cebu 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.