MEGAWORLD Corp.’s, biggest project in Cebu so far, The Mactan Newtown, is now a special economic zone registered under the Philippine Economic Zone Authority (Peza).
In a press statement, Megaworld said the 16-hectare township development will enjoy privileges granted by the national government under Republic Act 7916, the Special Economic Zone Act of 1995.
These include special tax incentives and holidays to business establishments and permanent resident status for foreigners who have a certain amount of investments in the eco-zone.
Megaworld said the government’s declaration of The Mactan Newtown as a special economic zone highlights “the development’s use for tourism, information technology and retirement.”
The P10-billion project will house residential condominium buildings, business process outsourcing (BPO) buildings, retail and entertainment strips, and an upscale boutique hotel. This is the company’s first development in Metro Cebu that is expected to boost the economic landscape of Mactan.
“Megaworld sees the opportunities of growth of the BPO industry in Cebu. With this, we expect new BPO companies coming in as we offer the most modern BPO offices in this side of the country,” says Jericho Go, first vice-president, Business Development and Leasing Division, Megaworld Corp.
The company has completed construction of the five-storey One World Center, which will offer upper floors for office spaces and the ground floor for retail shops. The company is working on another BPO-ready building, Two World Center, and 8 Newtown Boulevard, a residential condominium that will also allocate three floors of office spaces.
Megaworld Corp. was named the country’s top residential condominium developer, cornering a 16 percent share of the property market in a study by CB Richard Ellis. A study conducted by Colliers International, meanwhile, recognized the company as the top provider of BPO offices in the last 10 years. For Project inquiry, contact us at 0917.3236123.
Published in the Sun.Star Cebu newspaper on July 28, 2012.
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