Megaworld Corporation has accomplished one of its key projects for property development in Manila. They have steered the direction towards integrated resorts in key locations in the country. The latest change is found in Manila’s former Jockey Club Track and has opened the Winford Casino Resort as one of its stellar developments in casino resorts.
They will further develop in the Winford Casino Resort as it has confidently committed PHP15 billion (USD 261.34 million) to a visionary integrated lifestyle community in the heart of Manila. The mixed-use community will have a total of 7.4 acres that includes the casino as its centerpiece.
The real estate giant purchased the Manila Jockey Club earlier this year for PHP 1.89 billion (USD 32.92 million. It is a strategic location in the San Lazaro area that’s near Manila’s Chinatown. The Winford Resort will have a target market on hand, eyeing the tourist market from nearby Southeast Asian countries as well as those from China, betting on the pandemic restrictions will ease by 2023.
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Bullish on The Philippine Market
The future projects of Megaworld — also an affiliate of Travellers International Hotel Group — are vividly showing its headstrong gait on the very bright future of integrated resorts in the Philippines. They already have several properties up and running namely operating the Newport World Resorts integrated resort (formerly Resorts World Manila) and have plans for further development of another integrated resort in Boracay Island, which is currently named Boracay Newcoast.
The complete development of Winford Resort includes the casino complex, hotels, commercial developments as well as a mixture of residential condominiums. The theme for the project will revolve around the visual references of Old Manila — drawing how Manila was truly the Pearl of the Orient back in pre-war times.
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Ongoing progress seen on the Winford Resort site is the One Crown Suites condo tower that will offer 389 smart-home-equipped units. Just with this condominium tower alone, Megaworld projects an income of up to PHP3 billion (USD 52.62 million) in sales and will be ready by 2028.
Following next would be Winford Resort’s Promenade which is expected to become one of the major tourism destinations located in the heart of Manila once it has been completed.
Megaworld Future and Current Projects
Progress comes with integrity with Megaworld as it is also recognized as one of the “best companies to work for” in the Philippines. This data is based on the Malaysia-based Business Media International and its HR Asia Media arm’s “Best Companies to Work for in Asia Awards.”
Currently, the total workforce that is behind Megaworld’s success is now at over 3,000. There is no slowing down as the company keeps getting stronger as it also celebrates its 33rd anniversary in the real estate industry.
Among the newest hotel projects is The Kingsford Hotel Bacolod which will also see completion in 2028. This is among the Upper East township between the One Regis Two Regis, One Manhanttan and Herald Parksuites condo towers. The Kingsford Hotel Bacolod will have just under 300 rooms that will have various accommodation types on hand. Rooms will also range from 269 feet to over 1,076 feet for the “curated Presidential suite”.
Recently, Megaworld’s MREIT Inc., its real estate investment trust (REIT) company, provided a financial update that mirrored the strength of the company. For the first nine months of 2022, net income is pegged at PHP1.9 billion (USD 33.32 million). This is exhilaratingly more than double the previous year’s PHP807 million (USD 14.15 million). Aside from solid sales in its projects, MREIT also records a stunning occupancy rate of 96%.
It is important to note that MREIT has been trading on the PSE for just over a year. The physical size of its portfolio increased by 25% and its value by 20%.
Another piece of good news for folks all around. It’s a great perspective as well on things to look forward to in the coming years. More grand playgrounds for fellow casino enthusiasts for sure! Hopefully, this will alleviate any concerns about the POGOs leaving, too. Any feedback on this, dear readers? We always look forward to hearing from you guys, just comment down below. Thanks!