Megaworld raise investment in Mactan Newtown

By: Aileen Garcia-Yap - 11 years ago

From P20 billion of investment, Megaworld Corp raised their investment to P30 billion for the Mactan Newtown in the next five to seven years.

Megaworld Cebu Properties, Inc. president Noli D. Hernandez said the additional investment will cover to develop an 11-hectare beachfront property known as the Portofino Beach Resort and another property fronting the Mactan Shrine.

“In ten years time, we expect to see 20 buildings rising in the township,” Hernandez said.

Megaworld plans to develop five hotels, 10 luxury condominiums, office and commercial buildings and the Newtown School of Excellence which is expected to be open by 2016.