Megaworld to develop P40-B Palawan township
MEGAWORLD Corp. will be spending P40 billion to develop an eco-tourism township in Palawan in the next 10 to 15 years, Andrew L. Tan’s listed property company said in a statement on Monday.
“As we grow our sustainable developments portfolio, this new township in the beautiful town of San Vicente in Palawan will showcase the best of sustainable tourism and green living,” said Kevin Andrew L. Tan, chief strategy officer of Megaworld.
Paragua Coastown will be located in a 462-hectare property that will feature the beaches along the San Vicente coastline, including Port Barton. The development’s name took inspiration from Palawan’s old name, Paragua.
The first area to be developed in the project is around 83 hectares of land in Kemdeng, which has its own beaches.
“More than just sustainable tourism, our vision for this expansive Palawan property is to provide an opportunity to those who want the island life to live and even raise their families here,” Mr. Tan said.
“Aside from the preserved natural surroundings of the beach, mountains and cliffs of San Vicente, we will also provide the facilities and amenities for holistic wellness for our future residents,” he added.
San Vicente town is said to have the longest white-sand beach in the country and the second-longest beach in Southeast Asia. Its Long Beach spans 15 kilometers of coastline, which is said to be three times longer than Boracay’s White Beach.
Paragua Coastown will have hotels and resorts, health and wellness sanctuaries, a cultural center, educational institutions, a boutique hotel district, and a shophouse district.
It will also have residential developments like private villas, serviced apartments, and themed residential villages.
The township will also feature a mangrove reserve park.
“While we transform it into a worldclass development, we also commit to the preservation of the island’s biodiversity,” Mr. Tan said.
The township is located a few minutes away from the San Vicente Airport, which has regular flights to and from Manila and Clark.
Paragua Coastown will be Megaworld’s 27th township. The property developer has integrated urban townships, lifestyle communities, and estate projects located across Metro Manila, Cebu, Iloilo, Boracay, Batangas, Cavite, Davao, Laguna, Las Piñas City, Rizal, Negros Occidental, Pampanga, and Parañaque City.
Megaworld shares at the stock exchange declined by 1.71% or five centavos on Monday, closing at P2.87 apiece. —