Megaworld investing P40B for a 462-ha township in Palawan
Tycoon Andrew Tan-led property developer Megaworld Corp. is investing about P40 billion to develop beachfront and inland properties spanning 462 hectares in San Vicente, Palawan into an “eco-tourism” township.
The estate, called Paragua Coastown, reflects Megaworld’s conviction on the long-term prospects of tourism in the Philippines despite the massive disruption caused by the prolonged COVID-19 pandemic.
Megaworld said Paragua Coastown would feature some of the most beautiful beaches along the coastline of San Vicente, including Port Barton, one of the most famous tourist attractions of the town known for its 22 small islands.
Old name
“Paragua” was the old name of the province of Palawan until the Americans established civil rule in the northern part of the island after the Philippine-American War in 1902. A year after, the province was reorganized to include the southern part and was then renamed Palawan, with Puerto Princesa as its capital.
The township will have hotels and resorts, health and wellness sanctuaries, cultural center, educational institutions, a boutique hotel district, a shophouse district and residential developments such as private villas, serviced apartments, themed residential villages and a mangrove reserve park.
“As we grow our sustainable developments portfolio, this new township in the beautiful town of San Vicente in Palawan will showcase the best of sustainable tourism and green living. While we transform it into a world-class development, we also commit to the preservation of the island’s biodiversity,” Megaworld chief strategy officer Kevin Tan said in a disclosure to the Philippine Stock Exchange on Monday.
The P40-billion budget to develop Paragua Coastown is expected to be disbursed in phases within the next 10 to 15 years. The first area to be developed is an 83-ha land in Barangay Kemdeng, which has its own beachline.
Longest white sand beach
The town of San Vicente has the longest white sand beach in the Philippines and the second longest beach in Southeast Asia: the 15-kilometer Long Beach. It is three times longer than Boracay’s famed White Beach.
Megaworld’s newest estate is a few minutes away from the San Vicente Airport, which serves regular flights between Manila and Clark.
This is the 27th township by Megaworld. Among other townships in its portfolio are cyberpark pioneer Eastwood City in Libis, Quezon City, Newport City in Pasay City, The Mactan Newtown in Lapu-Lapu City, Cebu, Iloilo Business Park in Mandurriao, Capital Town in Pampanga and Westside City in Paranaque City. INQ
