MEGAWORLD Corp. has announced plans to build within the Iloilo Business Park a 22-story luxury condominium, which is being touted as the tallest residential tower to rise in Western Visayas.
The P35-billion Iloilo Business Park is a 72-hectare township, which will be completed in 10 years.
The Palladum, as the high-rise project is called, is expected to generate P2.8 billion in sales for the company upon its completion in 2018, according to Harold Geronimo, Megaworld director for strategic marketing and communications.
“Since last year, we have been experiencing consistent growth in the demand for residential towers in Iloilo Business Park. That is why selling the four towers of our first two residential projects, One Madison Place and Lafayette Park Square, was very easy for us. And now, we are on our fifth tower, which will be offering another set of unique, first-of-its-kind amenities and features that Ilonggos can boast of,” said Jennifer Palmares-Fong, head of marketing of Iloilo Business Park.
The Palladum will have 482 units consisting of studio type (29.50 square meters), executive studio (39.50 sqm), one-bedroom (49.50 sqm) and two-bedroom types (83.50 sqm).
The building will be divided into North and South Wing, and will include exclusive lofts at the topmost floor, ranging from 76 sqm to 115 sqm, and commercial and retail shops in its first two floors.
“We are offering a unique living experience at The Palladium. Our loft units will be first-of-its-kind in Iloilo City and the entire Western Visayas, and our amenities will raise the bar of this city’s lifestyle for our future residents,” Palmares-Fong said.
Megaworld grew its first half net income by 289 percent to P16.44 billion from P4.23 billion a year ago.
Megaworld holds the property businesses of business magnate Andrew Tan, which consist of 100 percent stake in Suntrust Properties Inc., 74.96 percent in Global Estate Resorts Inc, 82 percent in Empire East Land Holdings Inc., and 30 other subsidiaries.
Megaworld is a unit of conglomerate Alliance Global Group Inc., which also owns and operates Emperador Inc., McDonalds local franchisee Golden Archers Development Corp., and Resorts World Manila operator Travellers International Hotel Group Inc.