Newport City | Pasay City - Compiled Threads
A new residential resort (Marriot Hotel) & business center to rise at the Villamor AB near NAiA3.
Does anybody have a rendering or is it too early to tell.
Megaworld allots billions of pesos for Newport City
By Cai U. Ordinario, Researcher
PROPERTY developer Megaworld Corp. is setting aside billions of pesos for a high-class resort hotel and residential area beside the contested third terminal of the Ninoy Aquino International Airport and the 18-hole Villamor Air base golf course.
Set to be completed in three years at the earliest, Newport City is a joint venture among Megaworld, the Bases Conversion Development Authority (BCDA), and world-class Marriott Hotels.
The project is located in a 25-hectare lot owned by state-run BCDA, which stands to share in the proceeds of the development under an agreement forged with Megaworld, the company’s investor relations officer, John Hao, said.
“Its a normal joint venture with BCDA. Proceeds are split between the landowner and the developer. It varies depending on the type of development. [It can be] 70-30 percent to 80-20, in favor of Megaworld,” Hao said.
Megaworld is allotting P7 billion for the first phase of the development, which includes the 3.2-hectare residential resort and the 350-room Marriott Hotel, touted as the first of its kind in Metro Manila. Preselling of the residential units is ongoing.
The second phase would include several buildings eyed for business process outsourcing and call-center companies. A budget has yet to be drawn up for the second phase since the actual layout is still on the drawing board.
Under its joint venture agreement with Marriott, Mega*world will spend for the construction and pay the hotel operator a management fee for running the place.
Hao said the funds for the project would be internally generated, with preselling proceeds bankrolling the construction of the residential units. The units would be sold to high-end customers. A small 36.5-square meter-studio is selling for P1.9 million, while bigger units such as a 73-square meter two-bedroom combined unit fetches P3.8 million.
Other facilities include indoor badminton courts, tennis courts, pools, and small garden pockets scattered throughout the development.
Megaworld is also developing four other projects, including the 16-hectare Eastwood City, 50-hectare Mckinley Hill, and the Araneta Center Development, which would connect the Metro Rail Transit on EDSA and the Light Rail Transit on Aurora Boulevard.
A new residential resort (Marriot Hotel) & business center to rise at the Villamor AB near NAiA3.
Does anybody have a rendering or is it too early to tell.
Megaworld allots billions of pesos for Newport City
By Cai U. Ordinario, Researcher
PROPERTY developer Megaworld Corp. is setting aside billions of pesos for a high-class resort hotel and residential area beside the contested third terminal of the Ninoy Aquino International Airport and the 18-hole Villamor Air base golf course.
Set to be completed in three years at the earliest, Newport City is a joint venture among Megaworld, the Bases Conversion Development Authority (BCDA), and world-class Marriott Hotels.
The project is located in a 25-hectare lot owned by state-run BCDA, which stands to share in the proceeds of the development under an agreement forged with Megaworld, the company’s investor relations officer, John Hao, said.
“Its a normal joint venture with BCDA. Proceeds are split between the landowner and the developer. It varies depending on the type of development. [It can be] 70-30 percent to 80-20, in favor of Megaworld,” Hao said.
Megaworld is allotting P7 billion for the first phase of the development, which includes the 3.2-hectare residential resort and the 350-room Marriott Hotel, touted as the first of its kind in Metro Manila. Preselling of the residential units is ongoing.
The second phase would include several buildings eyed for business process outsourcing and call-center companies. A budget has yet to be drawn up for the second phase since the actual layout is still on the drawing board.
Under its joint venture agreement with Marriott, Mega*world will spend for the construction and pay the hotel operator a management fee for running the place.
Hao said the funds for the project would be internally generated, with preselling proceeds bankrolling the construction of the residential units. The units would be sold to high-end customers. A small 36.5-square meter-studio is selling for P1.9 million, while bigger units such as a 73-square meter two-bedroom combined unit fetches P3.8 million.
Other facilities include indoor badminton courts, tennis courts, pools, and small garden pockets scattered throughout the development.
Megaworld is also developing four other projects, including the 16-hectare Eastwood City, 50-hectare Mckinley Hill, and the Araneta Center Development, which would connect the Metro Rail Transit on EDSA and the Light Rail Transit on Aurora Boulevard.
