LEISURE-ORIENTED developer Travellers International Hotel Group Inc. is allotting P12.6 billion for the residential component of its new upscale development in the south of Metro Manila, the Westside City, near Manila Bay in Paranaque.
In a disclosure to the Philippine Stock Exchange Tuesday, Travellers said the allocation would be made through its subsidiary, Manila Bayshore Property Holdings Inc., a joint venture with Travellers’ sister company Megaworld Corporation.
Megaworld and Travellers are both under the Alliance Global Group Incorporated, one of the country’s largest conglomerates and owned mainly by the family of business tycoon Andrew Tan.
On Monday, Megaworld announced another tie-up with Travellers to build Westside City to the tune of P65 billion in the booming Entertainment City.
The Westside City will house the country’s second development under the Resorts World brand, the first being located in Megaworld’s Newport City township in Pasay.
Westside City will also feature a 3,000-seater grand opera house, positioning the township project to become the “Broadway of Asia.”
The development will also include a luxury mall and upscale residential condominiums.
Travellers said Westside City is “in accordance with its Provisional License and Joint Venture Agreement with the Philippine Amusement Gaming Corporation (PAGCOR).”
The company said it has allotted $1.1 billion for its mixed-used entertainment development in Westside City, which will be through the company’s 95-percent owned subsidiary, Westside City Resorts World Inc.
The project is set to be completed around the last quarter of 2020.