MANILA, Philippines – Property giant Megaworld Corp. has doubled its investment commitment for its first township project in Cebu to P20 billion. The development is seen to be a major driver for the economic growth of Cebu given its job generation and business opportunities, the company’s top executive said. “In the next seven years, we are investing P20 billion in this township to build luxury residential condominiums, office towers, a world-class lifestyle mall, our very own Richmonde Hotel and soon, a sports and leisure facility,” said Megaworld chairman and CEO Andrew L. Tan. “We see the Mactan Newtown as a major driver of growth for Lapu-Lapu City and Cebu in general in terms of job opportunities, sports and recreation, retail shopping and of course, tourism,” Tan said. The 16-hectare Mactan Newtown development was formally inaugurated yesterday with President Aquino as guest of honor. In June last year, President Aquino signed Proclamation No. 407 declaring The Mactan Newtown as a mixed-use special economic zone for information technology, tourism and retirement under the Philippine Economic Zone Authority. Business ( Article MRec ), pagematch: 1, sectionmatch: 1 Megaworld launched two luxury residential condominiums in the township project last year: the 8 Newtown Boulevard and One Pacific Residence, both of which are already sold out. “A new residential cluster will be launched this year,” Megaworld said. Megaworld partnered with the Philippine Retirement Authority to allow foreigners who want to retire in the urban community project to get a special resident retiree’s visa. For its Read More …