The booming tourism industry in the Philippines during the past few years has not only benefited the country’s economic growth but also the country’s real estate market. Just this year, one of the largest real estate firms in the Philippines, Megaworld Corporation laid to the table their plans of developing the tourism industry in the Philippines through the construction of a number of tourism-estate development projects. These township projects are set not only to partake in the creation of more job and business opportunities but actually aims to target the growth of the tourism industry in the country. Megaworld makes a large-scale venture to several provinces in the country such as Cebu, one of the favorite destinations of local and foreign tourists.
The property firm will splurge P8 billion for new luxury hotels in Lapu-Lapu City which will be established as a destination not only for the locals but also to foreigners who are increasing in number each year in the said province. To further the interests of tourists, it came up with considerable proposals such as the construction of a lifestyle mall in the Mactan Newtown township. This mall will be called “Plaza Magellan”, a state-of-the-art and will be a major landmark in Visayas because it gives a glimpse of Cebuano history featuring a museum with the expedition accounts of Magellan and a symbolic plaza strategically opposite of the Lapu-Lapu Shrine. Moreover, the company also plans to impress tourists and locals on putting up a covered food strip in the mall akin to a famous food strip in Singapore. This lifestyle mall will not only market to the province but also to the neighboring provinces in Visayas.
With Megaworld’s remarkable trademark in real estate ventures such as that of the Eastwood township which also boomed the BPO industry in the Philippines, their all-out shift to tourism projects will surely benefit the tourism industry. Business tycoon Andrew Tan of Megaworld Corporation who recently acquired Global Estate Resorts Inc. (GERI) is hands on to these big prospects of new tourism projects. These efforts will also be a progressive contribution to Megaworld’s current status as the number one landholder and developer of business centers in the Philippines.
The all-out ventures of real estate companies to the tourism sector such as the Megaworld Corporation not only poses a strategic move to the company’s direction but will also continually register healthy growth to the tourism industry in the Philippines. Megaworld Corp. raises a bar in the real estate market which does not only take into account a booming response to profit but also a big contribution to the government’s pitch to improve the tourism sector.
Although the real estate market in the Philippines is still on its conservative rate as manifested in the continuous proliferation of BPOs in many mega cities in the Philippines, it is still a major breakthrough for these property firms such as the Megaworld. This major shift to the promotion of tourism in the country through tourism-estate projects will notch up more job and business opportunities to Filipinos and at the same time skyrocketing revenue to several Cebu real estate companies.