Author Name: Eden Lorren Pabalan
In the heart of Pasay City, Megaworld Corporation is continuously building a 25-hectare masterpiece which is dubbed by the government as “The First Tourism Economic Zone in the Philippines.” Newport City’s residential and commercial establishments are already under construction and its initial project Marriott Hotel Manila has been open for business since 2009. Being one of the top real estate giants in the country, Megaworld has already established residential and commercial complexes in prime locations like Makati, Fort Bonifacio, Quezon City, and other metropolitan areas. Newport City will also be accessible to top business districts and main roads like EDSA, C-5, and South Super Highway.
The proposed Newport City will exhibit luxury residential condominiums and commercial office space, resort-like amenities, and the 6 star Maxims Hotel. The newly opened Marriott Hotel located inside the Newport City boasts of a luxurious spa, 350 furnished and elegant rooms, a gaming room, and a posh ballroom. It is situated near shopping malls, and the new Ninoy Aquino International Airport III (NAIA 3). Tourists are the primary target of the hotel, and is awaiting the completion of the Newport City for a boost in its number of customers.
As for the masterplan of the vicinity, Newport City, Philippines is only dedicating a mere 40% of its land area for residential communities and targets to allot the other 60% for luscious green parks, ponds, and other aesthetic purposes. Also, Newport City will have office spaces for BPO companies, casinos, restaurants, and other commercial properties.
The cost of residential and office space may go at around 2 million pesos, for pre-selling. The Montecito, Sarasota, Pinecrest, Parkside Villas and The Palm Tree are the residential projects of Megaworld for Newport City. Theses upscale condos should cater to the upper-class local and expat families in the country. It exhibits the growth of the real estate industry in the Philippines.
Formerly, Pasay City was only home to manila airports and few commercial buildings. Due to the consistent growth in the number of investors and development of the city, Pasay is now full of residential and commercial edifices, with 5 star hotels and an expanding trade industry. Newport City will be the next great place to live in, and a top recreational spot in the Philippines.
According to Gregory Kittelson, Managing Director of Kittelson and Carpo Consulting, a firm which provide services to companies doing business in the Philippines, “Newport City is quickly becoming a small Fort Bonifacio, but with casinos. It is overflowing with growth and progress. Its 25 hectare property can be an asset to the Philippines and an attraction to tourists and investors. BPO companies are also forecasted to sprout there in the near future. It is a sign that real estate all over Metro-Manila is booming.”
Investment in real estate is growing, and showing evidence that Makati and The Fort are not the only two districts booming in town. Newport City is on its way to reach a prime location status, through the further attention that it’s getting from foreign and local investors in the Philippines. It’s about time they notice.