Megaworld to launch 2nd condo development project in Iloilo Business Park

Property developer Megaworld Corporation is set to launch its second residential condominium project in its 72-hectare mixed-use development Iloilo Business Park in Iloilo City, the company said in a statement.

Lafayette Park Square will be a 14-storey single residential condominium tower with 289 residential units ranging from studio apartments to three-bedroom layouts. On the ground floor will be commercial and retail shops.

Lafayette Park Square is scheduled for completion in 2018. Its design inspired by French and Spanish architecture, the upmarket residential condominium will be Megaworld's first themed one in Iloilo Business Park. “Aside from the local market, we have seen an increasing demand for residential condominiums in Iloilo from the international market,” said  Around 20 percent of our residential unit sales last year was driven by our international sales,” said the business park'e head of marketing for residential business Jennifer Palmares-Fong.

Megaworld said that it decided to build Lafayette after the strong sales of its firest residential project in the business park, the three-tower complex One Madison Place, which was sold out less than eight months after its launch last March.

Last week, the property firm said that it plans to expand its Mactan, Newtown development in Cebu from 16.8 hectares to 28.8 hectares after it formed a joint venture with Landmark Inc. to develop a 11.5-hectare beachfront property, the former Portofino Beach Resort. — BM, GMA News