Cebu-Cordova bridge project attracting investors as offshore gaming ops fuel demand for residential projects in this Cebu island
Mactan Island continues to transform into a major business district in Cebu.
With its white sand beaches, the growing economy of Lapu-Lapu City and upcoming infrastructure like the Cebu-Cordova Link Expressway (CCLEX), more investors and foreign nationals are looking into the island as a place to work and live.
Such is the case inside the 30-hectare The Mactan Newtown by property giant Megaworld.
According to Noli Hernandez, president of Megaworld Cebu Properties Inc., they will be building another residential project inside the township.
“We see continued demand. More foreign retirees look for properties in our townships. Those who found work are also looking for residential spaces,” he said.
Dubbed as La Victoria Global Residences, the 20-storey residential tower will be their fourth residential project inside The Mactan Newtown.
It will have 181 spacious units ranging from studio of up to 40 square meters; one-bedroom units of up to 53 square meters; two-bedroom units of up to 80 square meters; and three-bedroom units of up to 118 square meters.
All units will have their own balconies, overlooking the sea and the mountains.
Before La Victoria Global Residences, Megaworld has launched three other residential developments inside The Mactan Newtown – 8 Newtown Boulevard in 2011, One Pacific Residence in 2012, and One Manchester Place in 2016.
These three projects have a total of 1,305 units. All of which are already sold out.
Hernandez said among their biggest foreign markets for their residential projects are Japanese, Europeans, Koreans and Chinese.
“This is a growing market from the Chinese mainlanders. There is an online gaming industry now. That attracts a lot of expatriate Chinese workers. The need to be housed so that fuels the demand also,” he added.
Property management and research firm Colliers International Philippines has earlier identified Mactan Island as a viable hub for offshore gaming operations given its location which is attractive to investors.
“We see offshore gaming operations becoming a major plank of Mactan’s economy and the influx of these firms should further propel demand for residential projects,” said Joey Bondoc, research manager of Colliers.
He explained that aside from expansive office spaces, these offshore gaming firms, which are mostly Chinese, also look for a residential complement to house their workers which include Chinese nationals who have to be relocated in the area.
Aside from offshore gaming, Bondoc said that residential demand in the area will be further sustained by other expats that are employed by business process outsourcing (BPO) and knowledge process outsourcing (KPO) firms.
Traditional and non-traditional businesses will also add to this demand.
“Mactan is an emerging business hub in Metro Cebu so it is no longer surprising to know that the first three projects (in The Mactan Newtown) have been sold out. What we are seeing is that the demand for residential projects is generated within the township which indicates brisk commercial activities within the business hub,” Bondoc said.
For its fourth residential development, Megaworld is taking inspiration from Galleon Victoria, one of the ships of the Spanish expedition to circumnavigate the world under Portuguese explorer Ferdinand Magellan.
The ship brought Magellan to Mactan Island in Cebu in 1521 where he was eventually killed by Filipino warriors led by Lapu-Lapu.
“Galleon Victoria arrived in the Philippines in 1521, and completed its circumnavigation of the globe in 1522. This piece of history that eventually showcased the victory of native Filipinos will be commemorated by this new residential tower inside The Mactan Newtown,” Hernandez explained.
The tower will feature architecture that is inspired by Spanish edifices.
On the tower’s central facade, just below its name, will be an inscription of the inclusive years that Galleon Victoria spent to complete its circumnavigation of the world.
The project is expected to be completed by 2022.
Total sales for the project is pegged at P1.5 billion.
“We launch this tower 500 years after Magellan was appointed captain of Galleon Victoria’s expedition and we hope to complete this in 2022 when we commemorate the ship’s 500th year of circumnavigation,” Hernandez added.
La Victoria Global Residences’ main lobby will be designed with elements and installations that are significant to the Spanish expedition.
The amenity deck at the third level will be highlighted by an infinity pool and kiddie pool with covered pool lounge and wooden sunbathing deck, relaxation and reading lounge, children’s play area, function room, fitness center, fitness trail and jogging path, and day care center.
The ground floor of the tower will also be home to commercial and retail tenants.
The Mactan Newtown is Megaworld’s first and only township that has its own beachfront.
It is currently home to 10,000 BPO and office workers.
It is also home to the company’s first school in Visayas and Mindanao, the Lasallian-supervised Newtown School of Excellence.