Megaworld, one of the most famous names in the Philippines real estate industry announced on Thursday that they are coming up with two brand new residential projects in Westside City near the Manila’s famous Entertainment City. With the two new projects, Megaworld is planning to increase the number of residential units in the area from 3500 to about 5400.
The entire project comprises construction of two different structures including one 15-story building which goes by the name of South Beach Place and the other a huge 21 story tower. Both structures will host 582 and 109 units respectively with the 15-story south beach place having direct access to the Westside City Resorts World complex. The entire project is expected to be completed by 2024.
The entire project will cost around 2.3 billion USD, and Megaworld and Travellers International Hotel Group will share the funding. While Megaworld is planning to put in Php 57 billion (USD 1.1 billion) their partner in this massive project, the Travellers International Hotel Group will chip in the remaining 1.2 billion USD.
It isn’t the first joint venture of Megaworld and the Travellers International Hotel Group as they have previously developed a Casino resort in the westside city as well. The promising project has been delayed already as it was initially planned to be initiated in 2019 and completed in 2021. After the project was first announced in 2018, the development plans were officially announced in February 2019.
In recent years the Entertainment City has become a posh location in Manila’s real estate market, however, with this new and upcoming project the two real estate giants are eyeing at making Westside City a more cherished location. With many different Casinos and resorts like the Melco Resorts’ City of Dreams and Bloomberry Resorts’ Solaire Resorts and Casino Entertainment city is already a thriving location, but for the local real estate experts, the Westside City may soon dampen the charm of this top premier location.
With a proven track record of creating top-notch structures and developing expensive high-end projects, Megaworld and Travellers have worked together before. With a combined investment of $1.4 billion, in 2015, they have already completed the development of a 76.6-acre area bordering the Resorts World Bayshore. Inspired by the successful and timely completion of the project in 2018, the two companies have come together to create yet another successful venture.
Also, with the government planning to make Manila’s Entertainment City a one of its kind global hub for Casinos, the new Megaworld project has no dearth of support to initiate and deliver the project. The gaming industry in the Philippines has been witnessing a consistent growth at a minimum pace of 8% annually. The figures are projected to grow at an increasing pace post successful completion of this new project by 2021.