MANILA, Philippines — Megaworld Corp. is expanding its residential footprint in Cebu amid steady demand brought about by strong economic growth.
The company launched the 20-story The Pearl Global Residences, its fifth residential development inside the 30-hectare The Mactan Newtown in Lapu-Lapu City, Cebu.
The 20-story residential tower is expected to be completed in 2025 and will generate P2.3 billion in sales.
It will add 222 units in the existing 1,836 residential unit inventory in the township.
Megaworld Cebu Properties Inc. president Noli Hernandez said the new project bodes well for the township which continues to attract visitors.
“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,” Hernandez said.
To date, Megaworld has already launched 10 residential towers from four residential condominium developments in Mactan Newtown.
The township is also home to five office towers with a total office inventory of around 81,000 square meters.
Just last year, Megaworld opened its first hotel in the township, the 547-room Savoy Hotel Mactan.
It is expected to open two more hotels inside the township in the next two years as it continues to ramp up its hotel footprint.
Megaworld said the latest project would be the 11th residential condominium tower to rise inside Mactan Newtown, which has its own beachfront.
The new residential tower offers different sizes: executive studio with either a balcony (up to 40 square meters); one-bedroom and executive one-bedroom with balcony (up to 59 sqm); two-bedroom with balcony or lanai (up to 80 sqm) and three-bedroom with balcony (up to 116 sqm).
The project will rise near the road leading to the historic Lapu-Lapu Shrine and will offer residents with amenities at the second level.
These include adult and kiddie pools, fitness center, outdoor lounge and seating areas, children’s play area, function room, game room, reading nook and co-working spaces.
Iris Gonzales (The Philippine Star) January 15, 2020, 12:00 AM