Property giant Megaworld Corp. sees high investor interest for properties in Iloilo, based on the high take-up of commercial lots in the past three months, a company official said.
In a recent interview, Megaworld Senior Vice President Jericho Go told reporters the population in the township projects outside Luzon, specifically in Cebu and Iloilo, has been growing.
“I think in each particular location especially in Iloilo, Iloilo Business Park, and the Mactan Newtown [Cebu], we already have a population of roughly around 6,000 to 10,000 employees. That means it allows us now to be able to open up our commercial centers in the respective areas,” Go said.
Megaworld Assistant Vice President and head of Public Relations Harold Geronimo noted that investors from Cebu and Davao have recently shown interest in commercial lots in the Iloilo Business Park.
“There has been an increase during the past three months in the demand for commercial lots in Cebu and Davao,” Geronimo said.
The commercial lots are titled lots where buyers can build boutique hotels, showrooms, shop houses, and other businesses, Geronimo noted.
Around 80 percent of the 9-hectare commercial lots in the Iloilo Business Park was sold. Each lot measures around 1,000 to 1,500 square meters.
“Metrobank and Unionbank are establishing their regional offices in Iloilo Business Park, they already bought lands,” Geronimo added.
Go attributed the interest in commercial lots in the Iloilo Business Park to the area’s urban planning.
“We have a very wide Ninoy Aquino Sr. Avenue. I think it’s about eight lanes supporting each side, excluding the bike lanes and the pedestrian walkways. And they have this masterplan wherein the new development or the new central business district of Iloilo is basically anchored by the Iloilo Business Park of Megaworld and several others in the area,” Go noted.
He also cited the progressive development of power in Iloilo as another factor attracting investors into the area.
“The road networks and power in Iloilo have started to really develop progressively… slowly but surely ensuring uninterrupted, clean, and reliable power. And of course next to it, would be reducing the cost from coal, because there will be hydro. We have a dam project for irrigation for power generation. And also, I think the river system that has been pledged is very clean,” Go said.
In line with the interest for the Iloilo Business Park, Go affirmed the acceleration of the development of the office buildings in the township.
“Four office buildings are already completed. The fifth one will be completed towards the end of the year, early part of next year. And we’re expecting to add more because there’s really strong demand in the area,” Go said.