Megaworld invests P7 billion in Palawan project

MANILA, Philippines — Megaworld Corp., Andrew Tan-led developer of integrated urban townships, is pouring in P7 billion to develop a new lifestyle estate in Palawan in the next five years.

The company is developing the estate together with its wholly-owned subsidiary Suntrust Properties Inc. Land development. The project is targeted to commence by next year.

Megaworld and Suntrust will develop Baytown Palawan, a six-hectare property into a ‘lifestyle estate’ in Puerto Princesa City, the capital city in the province of Palawan.

Located along the Puerto Princesa South Road and overlooking the Puerto Princesa Bay, Baytown Palawan marks Megaworld’s 31st township t in the country.

As with other Megaworld townships, Baytown will host residential condominium projects, hotels, and commercial retail developments.

The idea is to bring its Forbes Town concept in Bonifacio Global City to Palawan, said Megaworld Palawan vice president of sales and marketing Javier Romeo Abustan.

“We are bringing the vibrant concept of our very own Forbes Town BGC to Puerto Princesa. We are excited on how Baytown will be able to transform the cityscape of Puerto Princesa,” Abustan said.

Harrison Paltongan, president of Suntrust Propertie, said the company is building its signature concept of a lifestyle estate in Palawan where the residential components of the township blend with the commercial hub as well as with the hotel developments.

Most of the residential condominium clusters inside Baytown Palawan will be developed by Suntrust Properties although Megaworld will also develop an upscale and exclusive residential community within the lifestyle estate.

It is is Megaworld’s second mixed-use development project in the province of Palawan. On the other hand, this is Suntrust’s first development in the province as part of its expansion across the country.

Megaworld is already developing the 462-hectare Paragua Coastown, an eco-tourism community in San Vicente, which is known to have the longest beach line in the country.

For this project, Megaworld has already launched several residential, commercial, and hotel projects during the past two years. Land development is ongoing.