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Megaworld bares expansion in Iloilo

By Jenniffer B. Austria | Posted on May. 04, 2013 at 12:01am |
[ manilastandardtoday.com ]
Condominium builder Megaworld Corp. said Friday it will expand the P25-billion Iloilo Business Park by 18 hectares because of increased demand for housing and retail developments in the Western Visayas.
Megaworld in a statement said the expansion would make the Iloilo Business Park a 72-hectare development project.
The site of the project is the former Iloilo Airport, which Megaworld acquired from the national government in 2007 for P1.2 billion in cash.
“We are expanding to cater to the increasing demand for residential and commercial properties in Iloilo Business Park. During the past months, we have experienced the overwhelming reception of Ilonggos to our first development in the region,” Megaworld first vice president Jericho Go said.
The business park is designed to be a mixed-use township that will include residential condominiums, boutique hotel and commercial lots, office towers, two luxury hotels, the Iloilo Convention Center, the Megaworld Central Mall and Annex, and the 1.1-kilometer Festive Walk commercial strip.
Megaworld  in 2011 earmarked P2.5 billion to jump-start the development within the area.
It began selling its first condominium tower in March, the One Madison Place. The residential project is now 85 percent sold out while the second tower is scheduled for pre-selling this month.
The company also started the construction of two office towers and a hotel within the business park. The towers are expected to be completed next year.
Iloilo Business Park is Megaworld’s biggest township in the Visayas, modelled after the company’s ‘live-work-play’ formula that it pioneered in the Philippines. Among its successful townships are Eastwood City, known as the Philippines’ first cyberpark; McKinley Hill in Bonifacio Global City, Taguig; and Newport City in Pasay City, home of the famous Resorts World Manila.
Megaworld last month raised $250 million from the issuance of 10-year notes priced at 4.25 percent.
Megaworld plans to spend P35 billion in capital expenditures this year as it remains bullish about the property sector.
It plans to launch at least 10 residential projects in the first half of the year.
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