Megaworld adds P10B to Iloilo development

Listed property developer Megaworld Corporation is pouring P10 billion more as additional investment in the 72-hectare Iloilo Business Park over the next 10 years, citing a strong demand for residential, commercial and tourism developments.

 

In an e-mailed statement Thursday, first vice president Jericho Go said Megaworld is increasing its investment in the Iloilo Business Park from P25 billion to P35 billion to put up more condominium towers, office space and leisure developments.

 

“The best time to invest in Iloilo Business Park is now, because things are already happening. We see great opportunities in Iloilo City, and our township will help realize the city’s vision to become a major driver of economic growth in this part of the country,” said Go.

 

Go said demand for residential condominium units in the business park remained high after two towers in the condominium cluster were sold out in less than six months.

 

The company expects to offer close to 100,000 square meters of leasable floor area for business process outsourcing companies in the next three to five years, "bringing in new and first-time BPO locators to Iloilo," Go said.

 

Based on study by third-party research outfit Cuervo Far East Inc., land values in the business park will increase by 21.27 percent in the next three years from current prices of P45,000 to P48,000 per square meter.

 

By 2016, the study noted, land prices within the development will reach between P54,573 and P58,212 per square meter, should the country’s political and economic climate remain stable.

 

In May, Megaworld announced it expanded the P25-billion Iloilo Business Park to a 72-hectare development from 54 hectares to meet the demand for homes and retail space in Western Visayas.

 

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

 

Iloilo Business Park is the company's largest township in the Visayas, modeled after the live-work-play approach that it claims to have pioneered in the Philippines. — Danessa Rivera/VS, GMA News