Philippine property firm Megaworld Corp on Tuesday said that it would be investing an additional PHP54 billion (US$1.04 billion) toward developing a 31-hectare (76.6-acre) “leisure and entertainment township” within the Entertainment City zone, located in the Manila Bay area (pictured).
The township project will be the location for Westside City Resorts World, a casino resort being developed by Travellers International Hotel Group Inc.
In a filing to the Philippine Stock Exchange, Megaworld said its investment – mostly for residential and hotel projects – would occur over a period of 10 years. In 2015, the company had announced an initial investment of PHP10 billion for these projects; the latest announcement brings its investment commitment up to PHP64 billion, the firm noted.
Travellers International, a venture between Philippine-based Alliance Global Group Inc and Genting Hong Kong Ltd, has already announced a commitment of US$1.1-billion to build the Westside City Resorts World complex.
The investment announced by Megaworld on Tuesday brings the total capital expenditure for the township to PHP121 billion, said the property firm.
Travellers International also developed and operates the Resorts World Manila casino and hotel complex next to Manila International Airport. Alliance Global is also the parent company of Megaworld.
Megaworld said it would build two new branded hotels within the township, “just in time for the initial opening of the casino complex in 2021”. The Westside City Resorts World scheme – formerly known as Bayshore City Resorts World – officially broke ground in October 2014 and was previously expected to be open by 2018.
The two hotels to be built are the 529-room Kingsford Hotel and the 685-room Grand Westside Hotel, which will be linked to the casino complex, added the property developer.
“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,” said Francis Canuto, Megaworld’s senior vice president and treasurer, in a statement included in Tuesday’s filing.
“The demand is high, and we want to tap every available opportunity in this booming side of the metro … Providing more hotel options will further boost tourist arrivals especially in this growth area,” he added.
According to Tuesday’s filing, the Westside City township currently features 4,000 residential units, worth about PHP50 billion. Westside City would also include luxury apartments, an upmarket shopping mall and a “Grand Opera House” with a 3,000-seat capacity, according to previous filings from Megaworld.
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”Assuming that our [Tigre de Cristal] phase two project and the other future operators’ development plans remain on track, we may see the benefits of a ‘cluster’ effect [in the Primorye Integrated Entertainment Zone] as early as 2021”
Summit Ascent, lead developer of Tigre de Cristal