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Megaworld set to launch another condo in Iloilo

Posted on January 19, 2014 10:08:26 PM [ Businessworld Online ]

LISTED property developer Megaworld Corp. is set to launch another residential development in Iloilo Business Park after its first condominium project in the mixed-use area was sold out following its launch in March last year, the company said in a statement over the weekend.

Megaworld, the main property development vehicle of tycoon Andrew L. Tan, said in its statement that it “is launching its second condominium project -- Lafayette Park Square -- right adjacent to the first residential condominium cluster, the three-tower One Madison Place, which was sold out in less than eight months since it was launched in March 2013.”

Lafayette Park Square, according to the statement, is a 14-storey tower with 289 studio to three-bedroom residential units.

The project, Megaworld said, will feature commercial and retail shops at the ground floor; a third floor deck with swimming pool, kiddie pool and pool lounge; a jacuzzi; a gym; a social hall; a day-care center and children’s play area; a reading nook and garden; and a covered sitting area.

Inspired by French and Spanish architectural designs, Lafayette Park Square is Megaworld’s first themed residential condominium in Iloilo Business Park which “will be reminiscent of the majestic chateaus that dot the border shared by France and Spain, evoking a lifestyle of charm and elegance.”

Megaworld expects sales of around P1.4 billion for this project this year.

Lafayette Park Square is set to be completed in 2018.

“Because of the overwhelming reception of the Ilonggo market to Megaworld’s first residential condominium cluster, we want to offer something new, elegant and sophisticated. We believe the European feel will be a perfect fit for the upscale Iloilo market,” Jennifer Palmares-Fong, head of marketing for residential business of the Iloilo Business Park, was quoted in the statement as saying.

“We are definitely bullish about Iloilo. Aside from the local market, we have seen an increasing demand for residential condominiums in Iloilo from the international market. Around 20% of our residential unit sales last year was driven by our international sales,” Ms. Fong added.

In May last year, Megaworld announced expansion of the Iloilo Business Park to 72 hectares (ha.) from 54 ha. Upon its completion, Iloilo Business Park is envisioned to contain residential condominiums, commercial lots, office towers, a boutique hotel, two luxury hotels, the Iloilo Convention Center, the Megaworld Central Mall and Annex, and the 1.1-kilometer Festive Walk commercial strip.

Megaworld shares gained six centavos or 1.73% to close P3.52 apiece on Friday last week. -- D. E. D. Saclag   
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