PROPERTY developer Megaworld Corp. said it was increasing capital spending for the Westside City township to accommodate more residential and hotel offerings in its newest integrated gaming resort project.
Megaworld told the Philippine Stock Exchange on Tuesday that it would be investing an additional P54 billion for the 31-hectare Westside City Resorts World complex over the next 10 years, on top of the P10 billion allocated in 2015.
Travellers International Hotels Group, Inc., the developer and operator of the Resorts World brand in the Philippines, has already committed to invest P57 billion for the project, bringing the total capital expenditure for the township to P121 billion.
Megaworld said it will build two new hotels within the township just in time for the initial opening of the casino complex in 2021. These are the 529-room Kingsford Hotel and the 685-room Grand Westside Hotel, which will be linked to the casino complex.
“While a big portion of Westside City will be handled by Travellers International, Megaworld is pouring in a huge amount of money to expand our residential and hotel offerings within the township,” Megaworld Senior Vice President and Treasurer Francis Canuto said.
“The demand is high and we want to tap every available opportunity in this booming side of the metro,” he added.
Aside from hotels, Megaworld will also build a 15-story condominium called the Bayshore Residential Resorts and the four-tower Gentry Manor. So far, Westside City has around 4,000 units of residential inventory worth P50-billion.
Once completed, Westside City will feature a luxury mall, hotels, as well as a wide array of leisure and entertainment facilities.
“We give our all-out support to the country’s growing tourism industry. Providing more hotel options will further boost tourist arrivals especially in this growth area,” Canuto said.
Megaworld is the real estate unit of tycoon Andrew Tan under his umbrella Alliance Global Group, Inc.