TODAY'S BUSINESS HEADLINES

PSEi remain firm, PHP touches 50-level vs US dollar 19-Jan-17, 10:14 PM | Philippines News Agency

WATCH | Construction of LRT-MRT common station starts Dec. 2017 18-Jan-17, 7:11 PM | Aerol B. Patena, Philippines News Agency | Gerard dela Peña, News5

CASH SUBSIDY | Govt eyes safety net vs excise taxes 19-Jan-17, 5:16 PM | Lira Dalangin-Fernandez, InterAksyon

Real estate industry to sustain growth this year - Santos Knight Frank 18-Jan-17, 4:22 PM | Jose Bimbo F. Santos, InterAksyon.com

Megaworld to sink P25 billion into Iloilo integrated township project

Artist sketch of Megaworld's Iloilo business park

InterAksyon.com means BUSINESS

MANILA – The upscale property company of tycoon Andrew Tan is set to invest P25 billion in its latest integrated township project in Iloilo.

In a statement, Megaworld Corp said Iloilo Business Park will be a 54-hectare development that will feature a commercial district, a lifestyle mall, office buildings catering to business process outsourcing firms, boutique and deluxe hotels, and a convention center.

“As we extend our 'live-work-play' formula to Iloilo, we're expecting a breakthrough in Western Visayas' in terms of business and tourism, which will be brought forth by the world-class developments that Megaworld has always been known for,” said Jericho Go, vice president for Megaworld’s business leasing and development group.

The township will be completed in 2015.

Located in Mandurriao, Iloilo City, the mixed-use development will host Megaworld Center Mall, the first upscale shopping center in the area, and The Festive Walk, a wide strolling area lined with shops of various signature brands.

The project will also house international brand Marriott Courtyard Hotel and Richmonde Hotel.

A 9.7-hectare subdivision lot, on the other hand, is allotted for the boutique hotel and commercial district.

“We've been talking to lots of interested business owners who want to operate within this exciting new district of the township. This is going to be exclusive only to the privileged few,” said Maricor Manlangit, Megaworld first vice president for strategic planning.

The development will also feature the Iloilo Convention Center, a joint venture with the provincial government, designed for big conferences, exhibitions, and trade fairs.

Rising on a 1.7-hectare lot, it will be funded collectively by Senator Franklin M. Drilon's annual priority development assistance fund, the Department of Tourism, and Tourism Infrastructure and the Enterprise Zone Authority.

The Iloilo township development is the latest "live-work-play" project of Megaworld after Eastwood City, Forbestown Center, McKinley Hill, and Newport City.

 

advertisement
OTHER BUSINESS STORIES
BREAKING NEWS