MANILA, Philippines - Megaworld Corp. on Monday said it is increasing its investment for its new township development in Mactan, Cebu to P30 billion in the next five to seven years.
In a statement, Megaworld said it is increasing its investment in the 28.8-hectare Mactan Newtown by P10 billion from the original P20 billion.
The Andrew Tan-led property firm is planning to build five hotels in Mactan Newtown, including two beachfront hotels overlooking Hilutungan Channel, as well as a beach club and sport facilities. The township includes an 11-hectare beachfront property formerly known as Portofino beach.
Megaworld is also adding five more office towers in the township by 2020. It is also planning 10 luxury condominiums, including four towers for 8 Newtown Boulevard which will be completed by the first half of 2015.
The Newtown School of Excellence, an educational institution supervised by the Lasallian Schools Supervision Office, is slated to open by 2016.
"We are fast-tracking the developments in The Mactan Newtown. With the rehabilitation of the new Mactan 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," Megaworld Cebu Properties president Noli Hernandez said.
Last Friday, the Department of Transportation and Communications (DOTC) awarded the P17.5 billion Mactan-Cebu airport project to Megawide Construction Corporation and its Indian partner GMR Infrastructure.