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