Megaworld to invest P8 billion for Cebu township hotels

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Category: Companies

08 May 2014

 

Written by VG Cabuag

PROPERTY developer Megaworld Corp. will spend P8 billion to develop several hotels in its township project in Lapu-Lapu City, Cebu. The company said it will build five hotels in the 28.8-hectare Mactan Newtown, with cumulative portfolio of 2,000 rooms.

The first two high-rise hotels—Mactan Belmont Luxury Hotel and the Savoy Hotel Mactan Newtown— will be operational within five years. Two beachfront hotels will rise in the former Portofino Beach Resort in the area.

Another luxury hotel is also expected to rise in the township, the company said, although it declined to name the brand.

“With the influx of more tourists to Mactan Island year after year, we hope to be able to offer more exciting facilities that will help further boost tourism in the region. Aside from local tourists, we hope to cater to foreign guests and visitors to The Mactan Newtown as well,” Carmen Fernando, managing director of Megaworld subsidiary Prestige Hotels and Resorts Inc., said.

Prestige will be the operator of Mactan Belmont Luxury Hotel and Savoy Hotel Mactan Newtown.

Megaworld is also constructing a three-level lifestyle mall, to be called Plaza Magellan, in the  township.

The mall will have an entrance plaza facing the landmark Lapu-Lapu Shrine.“The mall’s design will be inspired by the hilltop towns of Portugal and Spain. The architecture will feature courtyards and arcaded walkways, ornately framed doors and windows as well as cupolas and towers,” Megaworld said.

Aside from the mall and the hotels, the company is also building the Hawkers’ Gazebo, a covered food strip similar to the famous hawkers of Singapore.

This will be strategically situated near the main entrance of the township. “We envision The Mactan Newtown to serve as a major tourism hub of Cebu. The township is designed to be tourist-friendly, and our various offerings will also cater to the needs of the visitors of the island,” Hernandez said.

Megaworld is allocating P30 billion to develop the Newtown project in the next five to seven years. The development has 10 luxury residential condominium towers in the pipeline. Two office towers have been built and Megaworld plans to add at least five more office towers by 2020.

Upon full development, there will be around 150,000 square meters in office spaces that can accommodate an estimated 45,000 workers in the information technology-business-process outsourcing sector.

By 2016 Megaworld is also opening the Newtown School of Excellence, an institution that will be supervised by the Lasallian Schools Supervision Office.