Megaworld spending P54B more on township near Manila Bay

February 27, 2018 - 6:20 PM
One of Megaworld's projects showcasing its cutting-edge property development. It is investing an additional P54 billion in the 31-hectare Westside City township at the Entertainment City in Paranaque City. FROM MEGAWORLD WEBSITE

MANILA – Megaworld Corp. is investing an additional PHP54 billion in the 31-hectare Westside City township at the Entertainment City in Paranaque City over the next 10 years, as it supports the country’s growing tourism industry.
It initially allocated PHP10 billion for the township in 2015, mostly for residential and hotel projects.

“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. The demand is high and we want to tap every available opportunity in this booming side of the metro,” Megaworld senior vice president and treasurer Francis Canuto said in a statement to the local bourse.

Travellers International Hotels Group, Inc., the developer and operator of the Resorts World brand in the Philippines, has already committed to invest USD1.1 billion, or roughly PHP57 billion, to build the Westside City Resorts World complex.

This brings the total capital expenditure (CAPEX) for the township to PHP121 billion.

Megaworld is set to build two new homegrown hotel brands in Westside City 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.

“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,” said Canuto.

Aside from the hotels, Megaworld is also building the 15-tower Bayshore Residential Resorts and the four-tower Gentry Manor. So far, Westside City has around 4,000 units of residential inventory worth PHP50 billion.

Once completed, Westside City will also be highlighted by a luxury mall and hotels as well as a wide array of leisure and entertainment facilities.