Philippines: Megaworld moves to resort development

Philippines: Megaworld moves to resort development

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One of the Philippines’ largest master developers, Megaworld Corp, has unveiled its foray in the tourism sector via its integrated resort developments across the country.

The firm, which is celebrating its silver anniversary in real estate, is expanding its portfolio through its newly acquired, majority-owned subsidiary Global-Estate Resorts Inc (GERI), owner of some 3,000 hectares of prime land properties in the archipelago.

“Megaworld’s acquisition of GERI signals our official entry to the country’s tourism industry. We will be bringing the 25-year expertise of Megaworld in mixed-use developments which we call ‘townships’ to the projects of GERI,” Megaworld chairman and CEO Dr. Andrew L. Tan told local media.

Among the company’s upcoming projects include the European-inspired Twin Lakes, a 1,149-hectare township in Tagaytay overlooking Taal Lake. It comprises themed residences, luxury condominiums, hotels, a retirement community, schools, commercial and retail hubs, and recreational facilities.

GERI is also developing the 150-hectare Boracay Newcoast project, which will feature four international hotels, a commercial district similar to Ibiza and a residential village comprising luxury condos and villas. Newcoast is adjacent to the 18-hole Fairways & Bluewater, Boracay’s first and only golf complex designed by Graham Marsh.

According to estimates reported by the Philippine Star, the integrated community is set to attract 350,000 Boracay tourists annually. It will benefit from the ongoing expansion project of the Caticlan Airport in Kalibo.

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