PROPERTY developer Megaworld Corp. is launching its fifth residential development inside the 30-hectare Mactan Newtown.
The 20-story The Pearl Global Residences will add 222 units in the existing 1,836 residential unit inventory in the township.
It will be the 11th residential condo tower to rise at the township, which is also home to offices and commercial spaces.
The new tower will rise near the road leading to the historic Lapu-Lapu Shrine and will offer its owners panoramic views of Cebu’s mountains, the Magellan Bay, Hilutungan Channel and nearby islands.
“The Pearl Global Residences will showcase the Filipino pride to the world. We got the name from the country’s title of ‘Pearl of the Orient,’ and as 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,” said Megaworld Cebu Properties president Noli Hernandez, in a disclosure Tuesday, Jan. 14, 2020.
The residential tower will be completed in 2025. Megaworld expects to generate P2.3 billion in sales from the project.
To date, Megaworld has already launched 10 residential towers from four condo developments in the township.
It is also home to five office towers with a total office inventory of around 81,000 square meters.
In 2019, the company also opened its first hotel in the township, the 547-room Savoy Hotel Mactan. Two more hotels are expected to open inside the township in the next two years.
The developer also announced that it is building the Mactan Newtown Beach Walk, a unique concept of mall development on a cliff by the seaside. (CSL)