Megaworld raises stake in Cebu, launches The Pearl Global Residences

Tycoon Andrew Tan-led Megaworld Corp. has raised its stake in Cebu’s residential property space with the launch of a new high-rise residential development with fresh inventory valued at P2.3 billion.

The 20-story The Pearl Global Residences—the 11th residential condominium in The Mactan Newtown in Lapu-Lapu City, Cebu—will add 222 residential units to the property market. It is targeted for completion by 2025.

“The Pearl Global Residences will showcase the Filipino pride to the world. We got the name from the country’s title of ‘Pearl of the Orient,’ and as we expect more visitors and tourists to come to The Mactan Newtown in the coming years, we want this tower to be one of the icons of Filipino pride inside our development,” Noli Hernandez, president of Megaworld Cebu Properties Inc., said in a press statement on Tuesday.The new residential tower offers a mix of the following units: executive studio with either a balcony or a lanai (up to 40 square meters), one-bedroom and executive one-bedroom with balcony (up to 59 sqm), two-bedroom with balcony or lanai (up to 80 sqm) and three-bedroom with balcony (up to 116 sqm).

Set to rise near the road leading to the historic Lapu-Lapu Shrine, amenities at the second level include an adult pool and kiddie pool, fitness center, outdoor lounge and seating areas, children’s play area, function room, game room, reading nook, and coworking spaces. At the roof deck, there will also be an outdoor lounge and garden, a dry bar and a viewing deck that will offer panoramic views of the Cebu mountains, Magellan Bay and the Hilutungan Channel, nearby islands, and the Lapu-Lapu Shrine. The 30-hectare beachfront The Mactan Newtown is also home to five office towers with a total office inventory of around 81,000 sqm.

Last year, Megaworld opened its first hotel in the township, the 547-room Savoy Hotel Mactan. It is expected to open two more hotels inside the township in the next two years. INQ