Published on Thursday, 02 May 2013 00:00
Written by ALBERT CASTRO
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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