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Megaworld expects to raise ₧5 billion from Palawan assets

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Megaworld Corp., the property development arm of businessman Andrew Tan, on Wednesday said it is expecting some P5 billion in sales from the commercial district and boutique hotels within its sprawling 462-hectare Paragua Coastown in San Vicente, Palawan.

Located in Kemdeng, the commercial area will be called Mercato Shophouse District and hotel area as the Porto Hotel District. The company said it will offer 240 lots ranging from 250 square meters to 599 square meters for the commercial area and 450 square meters to 1,199 square meters for boutique hotels.

Both districts will be interconnected to each other and the company will provide walk areas by building wide sidewalks and bridges. This district is also surrounded by parks and gardens, and an esplanade along the creek. It will also have access to the Mangrove Reserve Park via a bridge.

“Our eco-tourism township offers businesses and entrepreneurs such as hotel owners, restaurateurs, coffee shop and bar operators, and retail shop owners to own land in San Vicente, particularly inside our master-planned beachside development,” Javier Romeo Abustan, head of sales and marketing, Megaworld Palawan, said.

“This district that we are developing in Kemdeng will have close access to the coastline of Long Beach Area of San Vicente, which has been designated as a Tourism Enterprise Zone of the Tourism Infrastructure and Enterprise Zone Authority [TIEZA].” 

TIEZA’s Tourism Enterprise Zones have special incentives for tourism-related businesses, such as tax holidays.

The Mercato Shophouse District and Porto Hotel District will have direct access to San Vicente town proper and the San Vicente airport via the municipal and coastal roads that traverses the township.

This is the first area of the Paragua Coastown that is being developed in Kemdeng. It will also have several mixed-use developments, medical and wellness facilities, church and other leisure and institutional amenities once completed.

Other areas for future developments within Paragua Coastown include several town barangays, which will mostly have access to Long Beach as well. San Vicente Long Beach boasts of having the longest beach line in the country and the second longest in the entire Southeast Asia.

“We will definitely have unique residential and recreational offerings inside Paragua Coastown as well. What we are building here will hopefully help San Vicente become the most popular eco-tourism spot in Palawan and the entire country. But of course, we give utmost importance to sustainable real estate because this is what everyone will be looking for when they decide to invest in Palawan,” Abustan said.

Megaworld has allocated P40 billion to develop the entire eco-tourism township over the next 10 to 15 years.

Read full article on BusinessMirror

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