Megaworld doubles Mactan Newtown investment to P20-B

Listed property developer Megaworld Corp. is doubling its seven-year investment in The Mactan Newtown, a township development in Cebu, as it expects to roll-out more real estate projects. 

 

“In  the  next  seven  years,  we  are  investing  P20 billion in  this  township to build  luxury residential condominiums, office towers, a world-class lifestyle mall, our very own Richmonde Hotel and—soon—a sports and leisure facility,” Andrew Tan, Megaworld president, noted in a disclosure to the Philippine Stock Exchange on Wednesday. 

 

Megaworld earlier said it will funnel only P10 billion to the project. 

 

Two luxury residential condominiums unveiled in the area last year were sold out, encouraging the company to go for a new housing cluster this year.  

 

One World Center, the first office tower to rise in the township, will house two business process outsourcing (BPO) companies that will start operations in April. 

 

Megaworld sees The Mactan Newtown generating 25,000 full-time  jobs for the BPO sector in five to seven years. 

 

In two to three years, 13,000 BPO seats will be available for lease after office towers 8 Newtown Boulevard and  Pacific World  Tower opens for  business, the company said.

 

“We hope to have it ready by first quarter of next year as several big BPO companies are  already  lining  up  to  lease,” said  Jericho  Go, Megaworld first vice president for Business Development and Leasing Group. 

 

“We see the Mactan Newtown as a major driver of growth for Lapu-Lapu City, and Cebu in general, in terms of job opportunities, sports and recreation, retail shopping and of course, tourism,” Tan added. 

 

In June last year, President Benigno S. Aquino Ill approved the 16-hectare development as a mixed-use  special economic zone for information technology, tourism and retirement under the Philippine Economic Zone Authority. — Siegfrid O. Alegado/VS, GMA News