Megaworld investing P1.5B in Cebu ‘beach mall’
MANILA, Philippines – Property tycoon Andrew Tan’ s Megaworld Corp. is investing P1.5 billion to build a two-level shopping mall with a man-made lagoon as its centerpiece along the beachside cliff of Mactan Newtown estate in Cebu.
Mactan Newtown Beach Walk, which is targeted for completion by 2021, will have 30,000 square meters of gross floor area, the property developer disclosed to the Philippine Stock Exchange on Thursday.
The mall’s 1.4-hectare lagoon will have floating boardwalks and a bridge that will connect both sides of the mall. With a maximum depth of around 1.5-meters, this lagoon is envisioned to be a venue for future water sports activities such as jet ski, wakeboarding, stand-up paddling, and boating.
It will also have its own man-made shoreline at its perimeter.
“Megaworld Lifestyle Malls is bringing a fresh, new concept of mall development in Cebu that recreates and innovates the beach lifestyle experience. We take inspiration from some iconic coastline commercial developments in South California, where visitors can enjoy coffee, meet friends over lunch or dinner, watch a movie, or simply shop around in this laid-back beach atmosphere,” said Kevin Tan, chief strategy officer at Megaworld. /gsg