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Megaworld expands Iloilo Business Park as demand grows

May 3, 2013 4:07pm

Higher demand for homes and retail space in Western Visayas has prompted Megaworld Corp. to expand its P25-billion Iloilo Business Park, the developer said in an e-mailed statement Friday.

This will turn the Business Park into a 72-hectare development in the former Iloilo Airport that Megaworld bought from the national government for P1.2 billion in cash in 2007.

“We are expanding to cater to the increasing demand for residential and commercial properties in Iloilo Business Park,” said first vice president Jericho Go.

The business park is a mixed-use township of residential condominiums, hotels and commercial spaces.

Megaworld jump-started the development with a P2.5-billion initial investment in 2011.

Iloilo Business Park is company's biggest township in the Visayas, modeled after the live-work-play approach that it claims to have pioneered in the Philippines.

Last April, the developer raised $250 million from the issuance of 10-year notes priced at 4.25 percent. — VS, GMA News
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