Developer invites local retirees

By Katlene O. Cacho

Tuesday, January 3, 2012

DEVELOPER Megaworld Inc. is optimistic it can entice local retirees to buy units in their latest condominium development, 8 Newtown Blvd. in Mactan, Cebu Province.

The firm, described to be the country’s leading “township developer,” expanded operations to Cebu and built a residential project targeted at retired foreigners.

According to Roselou Tandoc, Megaworld International sales director for Kuwait, Beijing and Cebu, the firm’s 16-hectare development in Lapu-Lapu City is called The Mactan Newtown, which follows a “live-work-play” master plan.

The 8 Newtown Blvd., which will have four 15-storey towers, is the company’s first development in the area. Other projects planned for the location include a shopping center, hotels and a BPO building that can accommodate up to 2,500 seats.

Tandoc said that although the condominium project is positioned for Japanese retirees, they hope to also attract local retirees.

“This is a new development where local retirees can get to enjoy a Japanese-inspired development,” Tandoc said, during the project’s recent soft launching.

She said retirees can choose between executive studio units at 40 sqm and one-bedroom units at about 50 sqm, all fully-furnished. Its pre-selling prices range from P3.8 million to P4.8 million.

Among the project’s amenities are a wellness center, “onsen” rooms (indoor spa rooms), multipurpose/tea room, rock garden, “niwa” (a traditional Japanese garden with plants, shrubs, mosses and ferns), koi pond, ikebana and origami rooms, and wading pool.

Partnership

The 8 Newtown Blvd. is adjacent to Shangri-La Mactan and Portofino Beach Resort.

Megaworld recently signed a partnership with the Philippine Retirement Authority to facilitate Special Resident Retiree’s Visa (SSRV) applications of qualified foreign clients through their investment in 8 Newtown Blvd.

“The Japanese market finds the Philippines very attractive because of the strong presence of their fellowmen in the country and its proximity to Japan,” said Philippine Retirement Authority general manager Veredigno Atienza.

Japan is one of the country’s top three travel markets. Latest reports from the Department of Tourism showed 343,355 Japanese visited the country from January to November last year.

Tandoc said Japanese retirees now look for alternative retirement destinations following the calamity that hit Japan last year.

According to Megaworld marketing consultant Abigail Tabuchi-Sumida, the standard retirement age in Japan is 65 but many retire as young as 40 years old.

“Those in their 30s are already investing for their golden years,” said Tabuchi-Sumida.

She said expensive nursing homes and the high cost of living in Japan are the two factors driving citizens to look for alternative retirement locations.

Atienza said that outside the National Capital Region, the preferred places for retirement in the Philippines are Baguio, Subic and Clark in Pampanga, Davao and Cebu.

“Similar to popular Hawaiian islands such as Honolulu and Maui, Cebu boasts of both natural wonders and urban conveniences, which are very appealing to retirees,” Atienza said.

“These offerings are complemented by good security in the region, along with a supportive local government and warm, sociable locals,” he said.

Locators

In November, the Lapu-Lapu City Government signed a memorandum of agreement with Megaworld Corp. for the joint venture project.

The firm is also getting accreditation from the Philippine Economic Zone Authority (Peza) to have the project declared an economic zone.

Construction is underway for One World Center, a five-level office building designed to serve the needs of top firms in the BPO and IT industries.

Some potential locators include Quantum Leap, Accenture, Hewlett Packard, Dell and IBM.

Megaworld Corp. is the developer of the 18-hectare Eastwood City, the firm’s pioneering “live-work-play township.”

Published in the Sun.Star Cebu newspaper on January 04, 2012.