Developer adds Portofino to portfolio
By Doris C. Dumlao
Philippine Daily Inquirer
3:54 am | Thursday, January 16th, 2014
Property developer Megaworld Corp. has sealed new property deals in Cebu—including a joint venture to develop a vast beach resort—to expand its Mactan Newtown project by 12 hectares.
Megaworld on Wednesday reported to the Philippine Stock Exchange that Mactan Newtown—the company’s biggest property project in Cebu—has been expanded from 16.8 hectares to 28.8 hectares.
Part of this expansion is the development of an 11.5-hectare beachfront property, formerly known as Portofino Beach Resort, in a joint venture with Landmark Inc., present owner of the property, according to the company of tycoon Andrew Tan.
“The expansion will allow us to provide more enhanced features aligned toward resort-style living, perfect for active retirees and investors,” said Noli Hernandez, president of Megaworld Cebu Properties Inc.
At the same time, Megaworld acquired a half-hectare property fronting the Mactan Shrine along Punta Engaño Road. This will be connected to its proposed Punta Engaño entrance, which is intended to be one of the main access points to the township project.
With the acquisition of the property, Mactan Newtown is well on its way to become a major tourism hub in Cebu.
“Megaworld is also committed to help rehabilitate the historic landmark and its surroundings,” the disclosure said.
The company aims to create in Cebu a “more unique and exciting” township development not only for its future residents but also for business process outsourcing (BPO) workers, office and commercial tenants, students and visitors.
Excluding capital outlays required for the expansion, Megaworld earlier estimated capital spending on Mactan Newport to reach P20 billion in the next five to seven years. The company plans to develop premier residential communities with full amenities, upscale hotels, premium commercial establishments and BPO office towers. It has been declared a “special economic zone,” allowing locators to enjoy various privileges such as tax incentives and holidays.
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Tags: Cebu , Mactan Newtown , Megaworld Corp. , Philippines - Regions , property , Real Estate
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