Mactan Township Project, Property giant expects more BPO locators

CEBU, Philippines - Property giant Megaworld expects more business process outsourcing (BPO) firms to locate at the Mactan Newtown as development in the township progresses.

Megaworld Cebu Properties Inc. President Noli D. Hernandez said this yesterday in a briefing as he also announced that the first residential development at the 30-hectare township, the 8 Newtown Boulevard, was recognized as the "Best Condo Development in Cebu" during the recent 2016 Philippines Property Awards.

The four-tower residential project, which also received the best interior and architectural design awards, are expected to be fully completed by the end of this year, Hernandez said.

Aside from residential, the township will also have office and retail components.

BPO locators are important in the township development, with Hernandez saying that more are expected to set up shops there although he declined to say how many.

The official though hinted that Convergys may come in soon. Currently, only two BPO firms are operating there – Manulife and Results Companies – which employ some 3,000-4,000 people.

Aside from 8 Newtown, the Andrew Tan-led developer is also building two other residential projects with a total of six towers – the One Pacific Residences and One Manchester Place.

The property giant has allocated P30 billion to develop the Mactan Newtown, located in Lapu-Lapu City, in the next five years, and projects include office towers, leisure hotels, a mall and a school.

Hernandez said the company is going to groundbreak the planned Plaza Magellan, a community mall that will have retail spaces, hopefully within the year.

Megaworld earlier said that it is allocating P55 billion this year as it expands its rental portfolio especially in its mall and office businesses. It said that 75 percent of the capital spending will be used for development projects – in the construction of new malls, commercial centers, office buildings and residential projects in its townships. While the 25 percent will be used for land acquisition and investment properties.

The company has P11-billion rental revenue target by year's end.

Last year, the company’s net income soared to P10.4 billion, up 10.58 percent.

Hernandez also announced the company will compete with its counterparts from 8 Southeast Asian nations at the Asia Property Awards in Singapore in November this year.

Shares of Megaworld were last traded at P3.97 per share. — (FREEMAN)