Megaworld to develop Portofino-A A +A
Wednesday, January 15, 2014
MACTAN Newtown will be a major tourism hub in the region as its developer, Megaworld, entered into a joint venture with Landmark Inc., the owner of Portofino, one of Mactan Island’s popular beach resorts.
In a press conference yesterday, Megaworld Cebu Properties Inc. president Noli D. Hernandez said the company will be developing Portofino’s 11.5-hectare beachfront.
“The expansion will allow us to provide more enhanced features aligned towards resort-style living, perfect for active retirees and investors,” said Hernandez in a statement.
The official said there will be some modifications of the township’s master development plan to give way to the additional areas.
Last year, Megaworld acquired a half-hectare property in Lapu Lapu City fronting the Mactan Shrine on the Punta Engaño Road. The newly-acquired property, he said, will be connected to the proposed Punta Engaño entrance, which the company intends to be one of the main access points to the township. The official also expressed the company’s commitment in helping rehabilitate the historical landmark and its surroundings.
Mactan Newtown has already expanded to 28.8 hectares from the original 16.8 hectare property.
For the Portofino property, Hernandez said the company is still in the process of finalizing what projects are to be constructed there, adding that it will take five to seven years to develop the area.
At present, Portofino Beach Resort is closed to the public.
Hernandez said the company will further increase its formerly announced investment of P20 billion for the township.
Mactan Newtown is the biggest township project so far of Megaworld in Metro Cebu. It will provide premier residential communities with the finest amenities, premium
commercial establishments, and BPO office towers, to name a few.
In the middle of last year, the company announced its partnership with the La Sallian Schools Supervision Office to construct a school within the township.
At present, the construction of the first residential condominium cluster, 8 Newtown Boulevard, is ongoing and is expected to be completed in 2015. Meanwhile, the second
office tower Two World Center is set to be completed by the second half of this year.
Hernandez also shared the favorable response Megaworld is getting from Cebuanos and other investors to its residential projects and office towers.
“We will definitely continue to build more structures in the township within the next few months,” the official added.
He further said the company is open to acquiring more properties, saying they are always on the lookout for expansion.
Published in the Sun.Star Cebu newspaper on January 16, 2014.