Megaworld pours P10B more for Mactan Newtown project
Twenty buildings to rise in 10 years at the 28.8 hectare property
From an initial P20 billion investment, Megaworld Corp. has announced today that they are adding P10 billion to develop the 28.8 hectares township project, The Mactan Newtown.
The additional investment will be used to finance the latest expansions in the area covering the 11.5 hectare beachfront area known as Portofino Beach and the half a hectare property fronting the Mactan Shrine, said Noli D. Hernandez, Megaworld Cebu Properties Inc. president.
“In ten years time, we hope to see 20 buildings rising in the township,” Hernandez said.
FIVE HOTELS
This includes five hotels, 10 luxury condominiums, five more office and commercial buildings and the Newtown School of Excellence which should be open by 2016.
Hernandez said that they will build five hotels within five to seven years which include three business and luxury hotels and two beachfront hotels.
There will be a world-class exclusive beach club called Ocean Beach Club and sports facilities that will promote an active lifestyle by the beach.
Hernandez said the hotels include Belmont and Savoy under the luxury and business hotel.
“We are open for partnerships with local and international chains,” he said.
They however are still drawing final plans for the hotels, and don’t have the final figures as to the number of hotel rooms they can offer Cebu.
Currently, they are building 10 luxury condominium towers which includes four towers of 8 Newtown Boulevard, three towers of One Pacific Residence and three towers of One Manchester Place.
“We expect to complete 8 Newtown Boulevard by first half of next year.”
OFFICE
On the office spaces segment, Hernandez said they are targeting to add five more office buildings by 2020 to offering 150,000 square meters of space that can accommodate an estimated 45,000 workers.
By 2016, the Newtown School of Excellence which will be managed by the Lasallian Schools Supervision Office (LASSO) will also be open to primary level.
The school will occupy 7,000 square meters of space in the 28.8 hectare development.
“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,” said Hernandez.
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