Megaworld acquires property near Mactan Shrine


Posted at Jan 15 2014 01:25 PM | Updated as of Jan 15 2014 09:25 PM

MANILA, Philippines - Megaworld Corp. is expanding Mactan Newtown, a township development project, in Lapu-Lapu City, Cebu.

The project has been expanded to 28.8 hectares from the original 16.8 hectares.

Megaworld has recently acquired a half hectare property fronting the famous Mactan Shrine along Punta Engaño Road. This will be connected to the proposed Punta Engaño entrance of the township.

The company said it is also committed to helping rehabilitate the Mactan Shrine and its surroundings.

At the same time, Megaworld said it will develop a 11.5-hectare beachfront property formerly known as Portofino Beach Resort. The project will be a joint venture with the property owner Landmark Incorporated.

"The expansion will allow us to provide more enhanced features aligned towards resort-style living, perfect for active retirees and investors," said Noli D. Hernandez, president, Megaworld Cebu Properties, Inc.