Megaworld, the real estate division of Philippines-based billionaire Andrew Tan’s Alliance Global, is intensifying its focus on tourism by developing a PHP5 billion (US$113 million) leisure complex.
Known as Nascala Coast, the project spans 116 hectares in Batangas province, south of Manila, and is expected to be a “thriving coastal address”, according to The Manila Times.
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Batangas province, Philippines, where Megaworld’s Nascala Coast is being developed. Photo courtesy of Megaworld |
The area is a favored tourism and leisure destination for outdoor enthusiasts due to its proximity to Manila, approximately 88 kilometers away.
It is set to be the 36th township of Megaworld. Two-thirds of them are situated outside Metro Manila in tourist hotspots such as Bacolod, Boracay, Cebu, and Ilocos.
Alliance Global will channel PHP55 billion, or mor than 90% of this year’s investment budget, into projects including hotels, townships, offices, malls, convention centers, and residential towers, Forbes reported.
To strengthen its standing as one of the Philippines’ leading hospitality groups, Megaworld recently partnered with French hotel chain Accor to rebrand its Belmont Hotel Mactan in central Philippines as Mercure Mactan Cebu.
Megaworld operates seven home-grown hotel brands with 13 properties and 7,000 rooms. It aims to launch seven additional hotels within three years, expanding its hotel room portfolio to 9,000.
Beyond Megaworld, Tan’s business interests include Emperador, the world’s largest brandy producer; the Philippine franchisee of McDonald’s; and a casino resort.
Tan has a net worth of approximately $2.4 billion, making him the fourth-richest tycoon in the Philippines.
