Property developer Megaworld Corp. said Monday it will spend P40 billion over the next 10 to 15 years to develop 462 hectares of beachfront property in San Vicente, Palawan into an eco-tourism township.
Megaworld said in a statement the project Paragua Coastown would have several components, including hotels and resorts, health and wellness sanctuaries, cultural center, educational institutions, a shop house district, residential developments such as private villas, serviced apartments, themed residential villages, and a mangrove reserve park.
“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 Megaworld chief strategy officer Kevin Tan,
“While we transform it into a world-class development, we also commit to the preservation of the island’s biodiversity,” Tan said.
Paragua Coastown will be Megaworld’s 27th township project. It is strategically located within a few minutes from San Vicente Airport, which serves regular flights to and from Manila and Clark.
It features some of the most beautiful beaches along the coastline of San Vicente, including Port Barton, one of the most famous tourist attractions of the town known for its 22 small islands.
The first area to be developed is around 83 hectares of land in Kemdeng, which has its own beach line.
“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. 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,” Tan said.
San Vicente is the home to the longest beach in the Philippines called Long Beach. It is the second longest beach in Southeast Asia covering almost 15 kilometers of coastline or three times longer than Boracay’s famous white beach.
Megaworld’s other 26 masterplanned integrated urban townships, integrated lifestyle communities are located in various parts of the country including Boracay, Cebu, Batangas, Cavite, Antipolo, Bacolod, Davao and Iloilo.
The share price of Megaworld slipped 1.7 percent Monday to P2.87.
