Posted on May 06, 2011 06:37:05 PM [ BusinessWorld Online ]
PROPERTY FIRM Megaworld Corp. has started the P2.5-billion construction of a business complex in Western Visayas which will feature office buildings and a hotel, it said in a statement on Friday.
The so-called Iloilo Business Park will rise on the 54.5-hectare lot that had been the old Iloilo Airport, Megaworld added.
"With our groundbreaking rites today, we affirm the strong business prospects of Iloilo City and the Western Visayas region in particular," Megaworld Chairman and Chief Executive Andrew L. Tan said in the statement.
"The Iloilo Business Park marks the second leg of our BPO triangle after our two cyberparks in Metro Manila, with the final leg to be launched in the next few years," Mr. Tan added.
The Iloilo Business Park was granted a certification by the Philippine Economic Zone Authority as an IT park in January 2010. BPO locators will be entitled to perks such as income tax holidays, duty-free importation of office equipment and repatriation of earnings, among others.
The project cost includes that for the construction of Richmonde Hotel Iloilo plus two business process outsourcing (BPO) office towers as well as the road network for the area.
The 12-story hotel will have 90 guest rooms, ranging from superior rooms to junior suites. Amenities include the seventh level like the lap pool, childrenís pool and fitness center.
The Richmonde Tower will occupy the second to sixth floors of the hotel, offering more than 9,000 sq. m. of prime office space for BPO locators.
"Both projects are slated for completion within the next two years," Megaworld said.
The retail component on the project, meanwhile, should be completed in late 2012 with more development to continue until 2020, Megaworld said.
As of end-December 2010, the company boasted of 384,000 square meters (sq. m.) of office space in its portfolio. It is expected to complete another 78,000 sq. m. of space this year, earlier reports show.
Shares in Megaworld, whose profits jumped to P5.085 billion last year from P4.07 billion in 2009 amid brisk sales, fell by 11 centavos to P2.11 each on Friday. -- Neil Jerome C. Morales
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