Megaworld expands in Cebu with launch of residential condo

MEGAWORLD CORP. is expanding its footprint in Cebu with the launching of a new residential development in its 30-hectare The Mactan Newtown in Lapu-Lapu City.

In a statement yesterday, the Andrew L. Tan-led property developer said it is building a new 222-unit residential condominium which is expected to raise P2.3 billion in sales.

The 20-story building, which will be called The Pearl Global Residences, is the fifth residential development of Megaworld in Cebu. It is scheduled for completion by 2025.

“The Pearl Global Residences will showcase the Filipino pride to the world… [A]s we expect more visitors and tourists to come to The Mactan Newtown in the coming years, we want this tower to be one of the icons of Filipino pride inside our development,” Noli D. Hernandez, president of Megaworld Cebu Properties, Inc., said in the statement.

The condominium will feature four unit types that interested tenants may choose from: an up to 40-square meter (sq.m.) executive studio with a balcony or lanai; an up to 59-sq.m. one-bedroom and executive one-bedroom with a balcony; an up to 80-sq.m. two-bedroom with a balcony or lanai; and an up to 116-sq.m. three-bedroom with a balcony.

Once the property opens, it will ramp up The Mactan Newtown’s current inventory of 1,836 residential units by 222. The Mactan Newtown is Megaworld’s first township outside Metro Manila known for having its own beachfront. The company currently has 10 residential towers and four residential condominiums in the township.

The new building hopes to attract investors with amenities such as an adult pool, a kiddie pool, a fitness center, an outdoor lounge, a play area for kids, a function room, a game room, a reading nook and co-working spaces.

It will also have a dry bar, a lounge and a viewing deck at the roof deck, which will provide a view of Cebu’s iconic sites such as the Magellan Bay, the Hilutungan Channel and the Lapu-Lapu Shrine.

Aside from residential spaces, The Mactan Newtown also has five office towers at present amounting to a total office inventory of 81,000 sq.m.

Megaworld said it is also building a mall development in Cebu on a cliff by the seaside, which it will call the Mactan Newtown Beach Walk.

Earnings of Megaworld in the first nine months of 2019 rose 14% to P12.8 billion, driven by a 17% increase in total revenues to P48.12 billion.

Shares in the firm at the stock exchange gained 13 centavos or 3.06% to P4.38 each on Tuesday. — Denise A. Valdez


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