MEGAWORLD Corp., the listed property developer of tycoon Andrew Tan, has sold 80 percent of the commercial lots in a 9-hectare financial bloc within Iloilo Business Park since selling started in 2013.
“These commercial lots are already 80 percent sold to banks and financial institutions as well as local enterprises, although these lots are also viable for boutique hotel businesses as well,” the company said in a statement.
Banks setting up regional headquarters in the 9-hectare financial district include Metrobank and UnionBank.
“There has been a strong interest from various sectors, particularly financial and banking, to establish their businesses in Iloilo Business Park. Since we announced the township being envisioned as Iloilo City’s new central business district or CBD, everyone wants their presence here,” said Jennifer Palmares-Fong, head of marketing of Iloilo Business Park.
Since it started selling the commercial lots in 2013, Megaworld noted that prices have increased by 49 percent to P70,000 per square meter (sqm) from the original P47,000 per sqm in 2013.
Iloilo Business Park is a 72-hectare business hub in the former site of the Old Mandurriao Airport.
Iloilo Business Park is one of Megaworld’s large-scale, mixed-use developments and is expected to bring to 20 such developments this year from 15 last year.
Megaworld is the property vehicle of Tan’s holding firm AGI which also owns and operates Emperador Inc., McDonald’s local franchisee Golden Arches Development Corp. and Resorts World Manila operator Travellers International Hotel Group Inc.