From the original P25-billion investment budget for the Iloilo Business Park, the Andrew Tan-led developer Megaworld Corp. decided to invest more for the project, allocating a total of P35 billion in the next 10 years.
With the increase in its investment budget, the Iloilo Business Park is now the largest single investment of the listed real estate developer outside of Metro Manila.
“We are committed to make the Iloilo Business Park as the largest tourism district in Western Visayas,” Jericho Go, Megaworld first vice president, said, adding that the company has acquired an additional 18 hectares for the project.
“Expect brand-new components for the residential and commercial markets coming soon in Iloilo Business Park, as we envision it to be a premier, world-class model of a mixed-use business, tourism, commercial and residential hub for Region 6,” Go added.
The company recently announced the construction of the P1.5-billion Courtyard by Marriott Hotel, the second hotel to rise in the township, while the first hotel in the mixed-use development, Richmonde Hotel Iloilo, is expected to start operations by early 2015.
Megaworld is also expected to offer close to 100,000 square meters of leasable floor area for business process outsourcing companies in the next three to five years within the area. The company further said that demand for residential condominium units in Iloilo Business Park also remains high, since the first condominium cluster, One Madison Place, was launched in March.
Megaworld Lifestyle Mall, a boutique hotel and commercial district, is also set to rise in the Iloilo Business Park.
Iloilo Business Park is modeled after the company’s pioneering “live-work-play-learn” township lifestyle concept in the Philippines.
In May, the company also announced the expansion of the township located at the site of the old Iloilo airport in Mandurriao district from 54 hectares to 72 hectares.