Megaworld to launch 2nd tower in Mactan Newtown

CEBU, Philippines - Megaworld Corporation, the developer of the 16-hectare Mactan Newtown in Lapu-Lapu City,  is set to launch

its second condominium tower by January next year as the first tower with its residential units is almost sold out.

In an interview, Megaworld Corporation first vice president for sales and marketing Noli. D. Hernandez said that the strong interest of condominium buyers in Cebu has fast tract the construction time of its first cluster towers in One Pacific Residences.

The One World Center, the office building component designed to serve the needs of BPO and IT companies, has already gotten deals for tenants, mostly outsourcing companies that are expanding their operations in Cebu, said Hernandez.

According to Hernandez, the company is happier with the positive result of its first project here, saying Megaworld is now on the look out for another property that could host another multi-billion integrated development project.

The Mactan Newtown  is a P10 billion project that is expected to be completed in the next five years.

The development, which is likened to Manila’s Eastwood City in Libis,  will host several residential, commercial, retail, wellness, hotel, food, entertainment and leisure facilities, and is expected to the next destination to watch for in Cebu.

If Cebu has destinations like downtown and uptown districts, in the next few years, it will have a third district destination—The Mactan Newtown.

The new development is adjacent to Shangri-La’s Mactan  and Portofino along the Hilutungan Channel near Magellan Bay, making the beach resort lifestyle even more accessible.

Once completed, the Mactan Newtown will be able to help the local economy with its 25,000 office and BPO seats  estimated to generate around 40,000 jobs.

Megaworld Corporation bought the 16-hectare property in Mactan in 1997. The company started to develop the property only recently as the company sees the right timing, and demand is considerably improving.

In November 2011, the Lapu-Lapu City Government signed a memorandum of agreement with Megaworld Corp. for the joint venture project.

The firm recently got  accreditation from the Philippine Economic Zone Authority (Peza) as  an economic zone.

Megaworld pioneered the establishment of cyberpark concept in the Philippines. It also  started the “live, work, and play” kind of development in the country.

This year, the company allocates P25 billion capital expenditure (capex) to complete ongoing projects and develop new ones.

Last year, Megaworld posted a net income of P8.15 billion up 60 percent from a year earlier on strong real estate sales, higher income leasing income and non-recurring gains from sale of shares. (FREEMAN)