Megaworld Corp., the second-biggest property company in the Philippines, said Thursday it will increase its investment in the 72-hectare Iloilo Business Park to P35 billion from P25 billion over the next 10 years.
Megaworld first vice president Jericho Go said the increase in the planned capital spending would make Iloilo Business Park the largest single investment of Megaworld outside of Metro Manila.
“We are committed to make the Iloilo Business Park as the largest, most exciting business and tourism district in Western Visayas,” Go said.
The company in May also announced the expansion of the township at the site of the old Iloilo airport in Mandurriao district from 54 hectares to 72 hectares.
The business park has been master planned to be a mixed-use township that includes residential condominiums, boutique hotel and commercial lots, office towers, two luxury hotels, the Iloilo Convention Center, the Megaworld Central Mall and Annex, and the 1.1-kilometer Festive Walk commercial strip.
Go said Megaworld plans to put up additional leisure, commercial and residential projects within the additional 18-hectare lot.
“Expect brand new components for the residential and commercial markets coming soon in Iloilo Business Park as we envision it to be a premier, world-class model of a mixed-use business, tourism, commercial and residential hub for Region 6,” Go said.
The company recently announced the construction of a P1.5-billion Courtyard by Marriott Hotel, the second hotel brand to rise on the township. The first hotel, Richmonde Hotel Iloilo, is expected to start operations in early 2015. Both hotels, which will be linked to the proposed Iloilo Convention Center, will offer an additional 450 rooms for business travelers and tourists in Iloilo.
Megaworld said it was committed to make Iloilo one of the country’s biggest business process outsourcing hubs. The company plans to offer close to 100,000 square meters of leasable floor area to BPO companies in the next three to five years.
Demand for residential condominium units in the Iloilo Business Park, meanwhile, remains high as company sold out the residential units in the first two towers of One Madison Place.
Source:http://manilastandardtoday.com/2013/09/06/megaworld-allots-p35b-for-iloilo/
