This Popular Real Estate Company Plans on Building a 1.5 Billion Peso Convention Center
Megaworld shares its plan of setting up a 1.5-B PHP two-level standalone convention center in its 30-hectare land—located at Lapu-Lapu City, Cebu.
The meetings, incentives, conferences, and exhibitions (MICE) sector is a relevant industry that every country needs, given that it creates employment opportunities, builds a country’s reputation for good venues, and nurtures business opportunities and investments. In fact, according to a study conducted by the Philippine Association of Convention Exhibition Organizers and Suppliers, Inc., the MICE industry is estimated to contribute between 0.004% and 0.87% to the gross domestic product (GDP).
This is why the Philippines has hosted several important regional and international meetings, which shows the demand for the industry. What’s more, to make it more globally appealing, MICE venues are strategically located in competitive destinations where it will be safe for all attendees and organizers.
Given the industry’s potential, Megaworld, one of the country’s leading real estate companies in the Philippines, shared plans on building a convention center in Cebu.
The Planned Convention Center
“We hope to build another iconic landmark—not just for Mactan—but also for the entire province of Cebu. This convention center will be a unique standalone structure that will help boost the province’s booming MICE industry,” says Megaworld Chief Strategy Officer Kevin L. Tan says about the convention center they have in sight.
The planned two-level convention center will be a hectare of space within The Mactan Newtown township, a 30-hectare mega-community in Cebu. The ground level can accommodate up to 2,500 for a theater-type setup and 1,600 people for a banquet-style setup.
What’s more, the convention halls may also be divided into three separate areas to accommodate up to 700 to 900 persons for theatre-style settings, and around 500 to 600 people per area for banquet-style arrangements. On the other hand, the main hall will have a foyer and pre-function areas. Aside from those, it will also have two drop-off areas, a service kitchen area, cafés, and an event showroom.
Meanwhile, the mezzanine level will have two meeting rooms that can each accommodate 100 to 150 people. They can also be merged to become a bigger venue. As for the amenities, the second floor will have its pre-function area, an outdoor balcony, and storage rooms.
According to Megaworld, the main area and meeting rooms will also be equipped with fixed video screens, audio and visual systems, and video conferencing technology.
Setting the Project in Motion
The company also revealed that they have allocated PHP 350 billion for their capital expenditure in the next five years. This already includes their plans to expand their township footprint.
In the township where the Mactan Expo Center will be built already stands two hotel properties—both owned and operated by Megaworld Hotels and Resorts. Specifically, these are the 547-room Savoy Hotel Mactan Newtown and the 550-room Belmont Hotel Mactan.
“Our hotel properties within The Mactan Newtown will be ready to handle the accommodation requirements of the Mactan Expo Center. And one thing everyone should look forward to at the Mactan Expo Center is the fact that it will just be a few steps away from the beach,” says Cleofe Albiso, the Managing Director at Megaworld Hotels & Resorts.
How This Project Will Impact Businesses
As of writing, construction for the facility will start this 2023 and its completion is targeted for 2025.
Given Cebu’s commercial impact in Visayas plus the convention center’s proximity and accessibility to hotels, the venue might spark the interest of various organizers and investors. By becoming a part of the country’s premier MICE venues, having several events in the venue might contribute well to Cebu’s economy and the Philippines in its entirety.