Developers Invest 4.7B in Lapu-Lapu City
By Lauren on Jun 5, 2008 in Real Estate News
Fifteen real estate companies just invested 4.7 billion pesos to develop hotels, resorts, and residential subdivisions in Lapu-Lapu City starting the first quarter of 2008. Some of the developers involved in the project are Filinvest (the Php 25 million Aldea Del Sol in Barangay Maribago and Seascape Subdivision in Barangay Mactan), Robinsons Land (starting with the Php 533 million first phase of Amisa, an integrated condominium and resort, as well as Php 12 million for Blue Coast Residences), and Clavall Properties (who will expand Shangri-La Mactan Island Resort for approximately Php 1.3 billion). Other developments in Lapu-Lapu City will be the Gaisano Grand Mall in Barangay Basak (Php 134 million), Mactan Oceantown Information Technology Park and Commercial Complex (Php 57 million), and Microtel Hotel (Php 65 million).
According to City Administrator Teodulo Ybañez, Lapu-Lapu city is more business-friendly than its neighboring cities (Mandaue and Cebu) due to lower business taxes, fees, and licenses. In fact, Lapu-Lapu is the 21st best city in the country for entrepreneurs to start a business. The investments from real estate companies is bringing Lapu-Lapu City closer to becoming a gateway for international business and tourism by 2020, as part of the Mactan Island Integrated Development Plan.
Michael Dignos of the City Attorney’s Office said these investments bring Lapu-Lapu City closer to becoming an international gateway for business and tourism by 2020 as indicated in the Mactan Island Integrated Development Plan.
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