Megaworld, Travellers International to build $1.4b leisure township in Manila

Visual sourced from Megaword website.

Philippine real estate giant Megaworld Corp and Travellers International Hotel Group Inc are together investing up to $1.4 billion (P65 billion) to build a new entertainment and leisure township, Westside City.

Scheduled for completion by last quarter of 2020, the 31-hectare township will come up at the Entertainment City in Paranaque City, which will also house the second Resorts World property in the Philippines.

“We are very excited to see Westside City rising to be a showcase of Manila as a truly world-class Philippine capital,” said Andrew Tan, chairman and CEO of Alliance Global Group Inc, the mother company of Megaworld, and Travellers International.

Westside City is Megaworld’s 20th integrated urban township. It is also the company’s second leisure and entertainment township, next to Newport City.

Also read: Philippines’ Century Properties to invest $452m in island tourism project 

Travellers International is the developer and operator of the first Resorts World in the Philippines located in Pasay City.

Travellers International is also a locally listed company engaged in the business of hotels, restaurants, leisure parks, entertainment centres and other related businesses, including holding investments in and operating casinos and other gaming activities.

The Westside City will be a combination of Megaworld’s upscale residential condominiums, a luxury mall, as well as international hotel brands such as The Westin Hotel of the Starwood Asia Pacific Hotels & Resorts Group, Hotel Okura Manila of the Okura hotels & Resorts, the Genting Grand and Crockfords Tower of the Genting Group, and Kingsford Hotel. These hotels will have a total of around 1,500 rooms.

Megaworld’s vision for Westside City is to become the “Broadway of Asia” as the township highlights facilities for the performing arts. It will be home to the Philippines’ first Grand Opera House that has a total capacity of 3,000.

Also read: Megaworld to invest $782.2m in development of two PH townships

Tan, who also sits as chairman and CEO of Megaworld, is known to be a staunch supporter of the Filipino performing arts, with the Newport Performing Arts Theatre in Newport City paving the way for the rise of original Filipino stage plays in the country’s capital.

The Megaworld Group has around 4,000 hectares in its portfolio. Around 80 per cent of this has been dedicated for live-work-play townships or mixed-use communities.

The townships combine the residential, office, commercial, retail, recreational and institutional components to form mixed-use communities.

Both Travellers International and Megaworld’s last trading prices inreased by 0.43 per cent (P0.020), and 1.49 per cent (P0.070) to close at P4.62 and P4.76, respectively.

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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
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Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.