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.
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.
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.