Listed real estate developer Megaworld Corp. has acquired additional property in Metro Cebu, which would give the company space for more developments in its P20-billion township project called The Mactan Newtown.
From 16.8 hectares, The Mactan Newtown is now measures 28.8 hectares and will be developed in the next five to seven years. Also, Megaworld said that it intends to develop a 11.5-hectare beachfront property in Cebu province, which was formerly known as Portofino Beach Resort. This will be done in a joint venture with Landmark Inc., the present landowner of the property.
“The expansion will allow us to provide more enhanced features aligned toward resort-style living, perfect for active retirees and investors,” Noli Hernandez, president of Megaworld Cebu Properties Inc., said. Last year, the company partnered with the La Sallian Schools Supervision Office (LASSO) to construct a school within The Mactan Newtown.
At present, construction of the first residential condominium cluster, 8 Newtown Boulevard, is ongoing. It is expected to be completed next year. Two World Center, which is the second office tower in the mixed-use development, on the other hand, is expected to be completed by second half 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 said.
The Mactan Newtown is Megaworld’s biggest township project so far in Metro Cebu. Last year, the project was declared a Special Economic Zone by President Benigno Aquino 3rd by issuing Presidential Proclamation 407.