Megaworld sees long-term prospects in Mactan
Carlo Lorenciana (The Freeman) - May 18, 2019 - 12:00am

CEBU, Philippines —  Megaworld Corp. sees long-term opportunities in Mactan, an emerging investment hotspot in Cebu that's seeing the rise of new hotels and other tourism-driven investments.

The listed property giant is looking to open its Savoy Hotel at its 30-hectare Mactan Newtown development by the end of 2019, said Noli Hernandez, president of Megaworld Cebu Properties Inc.

"There are so many opportunities that we can tap in our development in Mactan," Hernandez told The FREEMAN.

The company, led by business tycoon Andrew Tan, is bullish on Mactan's tourism growth as it pushes for its annual Cebu Mangoes Festival expected to become a key tourist attraction on the island. This year's festival is happening on May 25-26.

The firm's township development houses more than 200 mango trees, which were planted when the project started in 2009. Such idea came from Tan, the company's chairman, to highlight Cebu's being known for its mangoes.

"We will also be launching some new exciting developments within the township in the next few weeks," Hernandez said.

The official noted the Mactan development is key to the company's growth in the next 5-10 years.

"Our 30-hectare township will certainly be integral to the company’s business growth in the next 5-10 years considering that we have hotels to open and new commercial areas and office buildings will also be launched," Hernandez said.

Mactan's booming tourism-led economy is evident in various hotel investments coming.

DoubleDragon Properties had announced to bring its Hotel101 brand to the island as a airport hotel near the Mactan-Cebu International Airport. Cebu developer AppleOne Properties is also building the five-star Sheraton property on the island as it also sets to build Marriott's Fairfield Inn and Suites within Mahi, its integrated complex in the city.

New retail spaces are also expected to open in Mactan.

According to property consultancy firm Colliers International, Mactan Newtown's Plaza Magellan is among the large malls being delivered from 2020 to 2021.

Colliers not for it sees employees and condominium owners driving retail demand in the area.

"We see operators and retailers cashing in on growing business opportunities in key business districts – Mactan Newtown, Mandaue, and Cebu IT and Cebu Business Park – by absorbing retail spaces in these areas," the realtor said in its latest Cebu Retail report.

"Townships dominated by office towers will likely have a different retail demand from communities that primarily house condominium projects and hotel," Colliers said.

MEGAWORLD
Philstar
  • Latest
Latest
Latest
Are you sure you want to log out?
X
Login

Philstar.com is one of the most vibrant, opinionated, discerning communities of readers on cyberspace. With your meaningful insights, help shape the stories that can shape the country. Sign up now!

SIGN IN
or sign in with