Megaworld to sink P25 billion into Iloilo integrated township project
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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.