Megaworld Adds P54B in Funding Westside City
Manila, Philippines—Megaworld, one of the country’s largest developers of integrated urban townships, is increasing its investments—an additional P54 billion in a period of 10 years—in the 31-hectare Westside City township at the emerging Entertainment City in Paranaque.
Travellers International Hotels Group Inc., the developer and operator of Resorts World Manila, has already committed to invest around P57 billion to build the Westside City Resorts World complex, which brings the total capital expenditure (CAPEX) for the township to P121 billion.
“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. The demand is high and we want to tap every available opportunity in this booming side of the metro,” said Francis Canuto, Megaworld senior vice president and treasurer.
Operational by 2021, Megaworld is building two new homegrown hotel brands in Westside City: the 529-room Kingsford Hotel and the 685-room Grand Westside Hotel, which will be conveniently linked to the casino complex and will enjoy the unparalleled views of Manila Bay.
Aside from these hotels, Megaworld is also building the 15-tower Bayshore Residential Resorts, and the four-tower Gentry Manor. So far, Westside City has around 4,000 units of residential inventory worth around P50 billion.