Posted on September 05, 2013 10:41:22
PM [ BusinessWorld Online ]
LISTED Megaworld Corp. is pumping an
additional P10 billion into its flagship mixed-use project in Iloilo, the
property developer said in a statement yesterday.
“Megaworld announces that it is increasing its investment in the
72-hectare Iloilo Business Park from P25 billion to P35 billion in the next 10
years,” the statement read.
This makes Iloilo Business Park the
largest single investment of Megaworld outside Metro Manila, according to the
company.
“We are committed to make Iloilo
Business Park the largest, most exciting business and tourism district in Western
Visayas,” Jericho P. Go, Megaworld’s first vice-president, was quoted in the
statement as saying.
Megaworld in May announced the
expansion of the project at the site of the old Iloilo airport in Mandurriao
district to 72 hectares (ha.) from 54 ha. “We have exciting plans for the
additional 18 ha. that we have acquired. A unique leisure, commercial and
residential development concept will soon be introduced to the Ilonggo market,”
Mr. Go. said.
Megaworld last month announced the
construction of a P1.5-billion Courtyard by Marriott Hotel, the second hotel
brand to rise in the township. The first hotel, Richmonde Hotel Iloilo, is
expected to start operations by early 2015. Both hotels, which will be linked
to the proposed Iloilo Convention Center, will offer an additional 450 rooms
for business travelers and tourists in Iloilo.
Megaworld also plans to offer close to
100,000 square meters of leasable floor area for business process outsourcing
companies in the next three to five years. “We will definitely be bringing in
new and first-time BPO locators to Iloilo,” Mr. Go said.
Iloilo Business Park is modeled after
similar existing projects of the company, among them: 18-ha. Eastwood City;
50-ha. McKinley Hill in Bonifacio Global City; 25-ha. Newport City in Pasay
City; and the 25-ha. The Mactan Newtown in Lapu-Lapu City, Cebu, the firm said.
Megaworld’s net income grew by 15.18%
to P4.25 billion in the first half from P3.69 billion a year ago. Revenues grew
11.99% to P17.28 billion from P15.43 billion, while cost and expenses rose
10.99% to P13.03 billion from P11.74 billion. Its shares shed a centavo or
0.32% to close P3.08 each yesterday. -- C. H. C. Venzon
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