To expand Mactan Newtown; Megaworld to develop Portofino

CEBU, Philippines - Cashing in on Cebu’s vibrant economy, Megaworld Corporation is developing a beach resort as part of the plan to expand its Mactan Newtown development in Lapu-Lapu City.

Megaworld Cebu Properties, Inc., president Noli D. Hernandez announced yesterday the company’s move to ink a joint venture with Landmark Inc., the owner of the 11.5-hectare Portofino Beach Resort.

In addition, Megaworld also acquired half a hectare property fronting the famous Mactan Shrine along Punta Engaño Road.

The property will be connected to Mactan Newtown’s proposed Punta Engaño entrance that the company intends to be one of the main access points to the township.

According to Hernandez, with the acquisition of the property along Punta Engaño Road, the Mactan Newtown further establishes an impact as a major tourism landmark in Mactan Island.

“Megaworld is committed to help rehabilitate the famous historical landmark and its surroundings to give the place the kind of dignity it deserves,” Hernandez said.

The company hopes to work closely with the Lapu-Lapu City government, particularly the city tourism commission, for the plan to rehabilitate the Mactan Shrine.

With this, Megaworld’s development project will increase to 28.8 hectares as it aims to maximize its live, work, play and learn concept.

“The expansion will allow us to provide more enhanced features aligned towards resorts-style living, perfect for active retirees and investors,” said Hernandez.

He said Megaworld, the largest commercial and residential developer in the country, hopes to create a unique and exciting township for it future residents, business process outsourcing (BPO) workers, office and commercial tenants, students and visitors.

Last year, the company partnered with the La Salle Schools Supervision Office (LASSO) to construct a school within the Mactan Newtown.

The construction of the first residential condominium cluster, 8 Newtown Boulevard, is ongoing. It is expected to be completed next year.

The second office tower, Two World Center, on the other hand, is expected to be finished by the second quarter of this year.

“It is going to be an exciting year for the Mactan Newtown. We are overwhelmed by the favorable response of Cebuanos and investors to our residential projects as well as to our office towers. We will definitely continue to build more structures in the township within the next few months,” Hernandez.

Earlier, Megaworld Corporation chairman and chief executive officer Andrew L. Tan announced the additional capital expenditure for the Mactan Newtown from P10 billion to P20 billion. -/LPM (FREEMAN)