Megaworld Hikes Spending For Parañaque Township

By Author: Arra B. Francia
Total Articles: 39

February 28, 2018 | 12:13 am
Arra B. Francia

THE GROUP of tycoon Andrew L. Tan is ramping up spending for its township called Westside City in Parañaque City to P121 billion for the development of residential units, hotels, and a casino complex in the area.
In a statement issued Tuesday, Megaworld Corp. said it will now be spending P54 billion over the next 10 years for Westside City, an integrated urban township within the state-owned casino and resorts complex, Entertainment City.
This is more than five times the original capital expenditure of P10 billion Megaworld allotted for the 31-hectare estate when it was launched in 2015.

With this, the listed property developer will be building two new homegrown hotel brands, namely Kingsford Hotel with 529 rooms and Grand Westside Hotel with 685 rooms.
“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,” Megaworld Senior Vice-President and Treasurer Francis Canuto said in a statement.
For the residential component, Megaworld will build Bayshore Residential Resorts consisting of 15 towers and Gentry Manor with four towers. The two developments will supplement Westside City’s residential inventory of around 4,000 units worth about P50 billion.
Meanwhile, Travellers International Hotels Group, Inc. (TIHGI) has also committed to spend $1.1 billion or around P57 billion for the development of Westside City Resorts World Complex inside the township.
“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,” Mr. Canuto said.
Aside from residential and hotel components, Westside City will also house a luxury mall and an array of leisure and entertainment facilities.
Megaworld is the property arm of Mr. Tan’s Alliance Global Group, Inc., while TIHGI handles investments for the gaming sector.
Shares in Megaworld gained 20 centavos or 4.35% to P4.80 apiece on Tuesday, while shares in TIHGI added two centavos or 0.59% to close at P3.43 each. — Arra B. Francia

Source : https://www.bworldonline.com/megaworld-hikes-spending-paranaque-township/

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