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Properties getting hot in Iloilo

Published on Thursday, 02 May 2013 00:00
Malaya Business News Online - Philippine Business News | Online News Philippines
ILOILO CITY.  -- This city  is steadily gaining traction as a real estate development hub, attracting  major developers p into this growing market.
Ayala Land, Inc. last week  formally unveiled its P15 billion mixed-use project Atria Park District in Manduriao, Iloilo City, which heralds the entry of yet another big name in real estate development in this city in the island of Panay.
“Iloilo is the center of activity in Panay. It is also the educational center. The middle class here is very strong here aAnd the infrastructure is now in place. We feel there’s a lot of opportunities in Iloilo for  mixed-use communities,” said Emilio J. Tumbocon, Ayala Land Visayas-Mindanao and Superblock projects group head.
“If you build something that will meet their needs and that’s affordable to them they will buy (properties),” said Tumbocon.
Interestingly, Ayala Land’s Atria project compliments that of  competitor Megaworld Corp., Iloilo Business Park where  the Andrew Tan-led developer is pouring P25 billion to develop the 54.5 hectare former site of Iloilo’s airport, also in Manduriao into a township combining residential, office and retail development.
Ayala Land’s Atria  will include residential projects under unit Avida Land Corp.; parks and landscaped areas; commercial and office establishments, a hotel and institutional areas including a modern health care facility in partnership with the University Physicians Medical Center of Iloilo.
“Atria Park is immediately accessible to the BPO (business process outsourcing) offices of the Iloilo-Ayala Technohub, schools (Ateneo de Iloilo and UP Visayas), churches (Molo Church and Victory Christian Fellowship), hospitals (The Medical City, Iloilo Doctors Hospital, and Medicus), the entertainment strip of Smallville, and hotels (Smallville 21 Hotel, Westown Hotel, and Iloilo Business Hotel),” Ayala Land said in a statement.

About 58 percent of the property has been allocated for open space, according to Christopher  Maglanoc, president of Avida Land Corp.
Atria Park District is projected to generate over 10,000 jobs, the company said.
Ayala Land also last week formally unveiled Avida Towers Atria and Atria Storeys Atria, a cluster of towers that will offer a total of 2,500 units to prospective buyers.
Maglanoc said the residential component will cost Avida P6 billion to build  all 13 buildings --  four  15-storey and nine seven-storey   buildings.
Avide Towers’ first tower will have 371 units ranging from studio to one- and two-bedroom, at an entry price of P2 million. The one- and two-bedroom are priced at between P4 million and  P5 million.
Avida Storeys Atria and Avida Towers Atria will have a total of 509 units. Both buildings are scheduled to break ground on the third quarter of 2013, with turnover expected by the third quarter of 2016.
“Ayala Land is continuing its tradition of building large-scale, integrated mixed-use communities in key growth areas across the Philippines. Atria Park District represents our largest investment here in Iloilo with more developments expected over its 10-year construction plan,” said Antonino T. Aquino, Ayala Land president.
“We take pride in bringing a complete live-work-play experience for the Ilonggos in a sustainable community,” Aquino added.
At the sidelines of Avida Storeys and Avida Towers’ launch, Aquino said they are bringing into Atria Park elements that can be found in many of Ayala Land’s mixed-use developments like the Makati Central Business District, the Bonifacio Global City, Nuvali, and in other places like Davao, Cebu, and Cagayan de Oro.
“We saw all the potential behind the property. This is bounded by a lot of major route where new developments are happening. So right in the middle of this node we saw the potential for a new business center of the city,” meanwhile said Joel Luna, Ayala Land vice president for technical planning.
Atria also hosts Ayala Land’s Technohub, a cluster of five to seven low-rise BPO building that aims to put up an integrated IT community. It started in 2010.
Tumbocon said the economy of Iloilo City is also buffered by overseas Filipino workers whose remittances support families in the area.
In terms of the residential projects, Ayala Land  expects 30 percent of units to be taken up by OFW-supported spending.
“The rest is expected to be taken up by foreigners, locals itself, or Ilonggos in Manila that are looking for a home here, or even people in Aklan who want to have a house here or for their children,” said Tumbocon.
Megaworld’s Iloilo Business Park meanwhile forms part of what it calls “BPO triangle” together with its townships in Manila and in Cebu City.
Similar with Ayala Land’s concept, it will also have retail spaces, office space, residential, and hotel components.
It is eyed to be completed by 2015.
Filinvest Land, Inc., another major property developer is looking to break into Iloilo City through its medium-rise condominium projects.

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