By James A. Loyola
Megaworld Corporation, the country’s largest developer of integrated urban townships, is increasing to P121 billion the planned investments of the Andrew Tan group in the 31-hectare Westside City at the Entertainment City in Parañaque City.
In a statement, the company said it is investing an additional P54 billion over a period of 10 years, more than five times the initial R10 billion that was allocated in 2015, mostly for residential and hotel projects.
Sister company Travellers International Hotels Group, Inc., the developer and operator of the Resorts World brand in the Philippines, has already committed to invest US$1.1 billion, or roughly P57 billion, to build the Westside City Resorts World complex.
This brings the total capital expenditure (CAPEX) for the township to R121 billion.
“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,” said Megaworld Senior Vice President and Treasurer Francis Canuto.
Megaworld is set to build two new homegrown hotel brands in Westside City, just 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, which will be conveniently linked to the casino complex and will have the unparalleled views of Manila Bay.
“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,” explained 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 around P50 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.
Tags: Andrew Tan, Bayshore Residential Resorts, Entertainment city, Megaworld, Megaworld hikes capex for Westside City project in Parañaque to P121 B, Resorts World, the Westside City Resorts World, Travellers International, Travellers International Hotels Group