Megaworld boosts Capex for Westside City to P121 billion

MANILA, Philippines — Megaworld Corp. is increasing its investments in the 31-hectare Westside City Township inside the booming 100-hectare Entertainment City in Parañaque.

The company is increasing its capital expenditure in the mixed-used estate to P121 billion over a period of 10 years or more than five times the initial P10 billion it programmed in 2015.

Megaworld will add P54 billion for its residential and hotel projects in the area.

Of the amount, Travellers International Hotels Group Inc., the developer and operator of the Resorts World brand in the Philippines, has already committed to invest P57 billion to build the Westside City Resorts World complex, an integrated casino resort.

Megaworld senior vice president and treasurer Francis Canuto said that while Travellers would develop a big portion of Westside City, Megaworld is also pouring in a huge amount of money to expand its residential and hotel offerings within the township on the back of growing demand.

Aside from Westside City Resorts World complex, the Tan-led group will build two new homegrown hotel brands in the township just in time for the initial opening of the casino complex in 2021.

These are the 529-room Kingsford Hotel and the 685-room Grand Westside Hotel, which will be conveniently linked to the casino complex and will have views of Manila Bay.

Canuto said all these projects would support the country’s growing tourism industry.

“Providing more hotel options will further boost tourist arrivals especially in this growth area,” Canuto said.

Aside from the hotels, Megaworld is also building residential projects.

These include the 15-tower Bayshore Residential Resorts, and the four-tower Gentry Manor.

So far, Westside City has around 4,000 units of residential inventory worth around P50 billion.

Once completed, Westside City will also have a luxury mall and hotels as well as a wide array of leisure and entertainment facilities.

Tan’s Group is the fourth and last licensee to open at the Philippine Amusement and Gaming Corp.’s Entertainment City. Other licensees have already opened – Enrique Razon’s Solaire Resort & Casino, Melco Crown’s City of Dreams and Universal Entertainment Corp.’s Okada Manila.