MEGAWORLD Corp. is allocating P7 billion for the development of its new township property project that will rise in Puerto Princesa City, Palawan within the next five years.
The listed property developer has partnered with its wholly owned unit Suntrust Properties, Inc. for the development of the six-hectare Baytown Palawan, it said in a statement on Sunday.
Baytown Palawan will be Megaworld’s 31st township project and will feature residential condominium projects, hotels, and commercial retail developments.
Land development for the project will begin next year, Megaworld said, adding that its unit Suntrust Properties will develop the condominium clusters within the Baytown Palawan, while it will handle the development of the upscale and exclusive residential units within the estate.
“We are bringing the vibrant concept of our very own Forbes Town BGC to Puerto Princesa. We are excited on how Baytown will be able to transform the cityscape of Puerto Princesa,” said Javier Romeo K. Abustan, vice-president of sales and marketing at Megaworld Palawan.
“Finally, we are building our signature concept of a ‘lifestyle estate’ in this Palawan capital city where the residential components of the township perfectly blend with the commercial hub, and of course, the hotel developments within the mix as well. Our themed residential condominium clusters will complement the city’s relaxing natural environment,” said Harrison M. Paltongan, president of Suntrust Properties.
Baytown Palawan is Megaworld’s second mixed-use development project in Palawan and is Suntrust Properties’ first development project in the province.
The company is also developing the 462-hectare Paragua Coastown in San Vicente, Palawan, which features residential condominium projects, commercial retail developments, and hotels.
Megaworld saw a 64.9% increase in its third-quarter attributable net income to P4.14 billion from P2.51 billion in the previous year.
Its nine-month attributable net income rose by 43.3% to P12.02 billion from P8.39 billion in the same period last year.
On Friday, shares in Megaworld closed at P2.03 apiece, down by three centavos or 1.46% from the previous day. — AEOJ