“It is now the best time to invest in Iloilo…” These were the words of Mr. Jericho Go, First Vice President of Megaworld Corporation as he revealed the biggest news so far from Megaworld that it would increase it’s initial 25 Billion Peso investment in the Iloilo Business Park to 35 Billion at Days Hotel Iloilo.
Such were also the words of Mayor Jed Patrick Mabilog to businessmen from all over the country in the 23rd Visayas Area Business Conference at Sarabia Manor Hotel. He was pleased upon hearing the latest news from Megaworld Corporation.
In ten years time, Iloilo City will definitely rise higher thanks to this major “live work play and learn” concept-inspired urban facelift that was first initiated by the company in the city.
Megaworld is raising its investment in the Iloilo Business Park to P35 billion in the next 10 years, from an initial amount of P25 billion. ABS-CBN News
Megaworld is developing Iloilio Business Park as Western Visayas’ largest business and tourism district. It is the company’s largest single investment outside of Metro Manila.
“We are committed to make the Iloilo Business Park as the largest, most exciting business and tourism district in Western Visayas,” Jericho Go, first vice president, Megaworld, said.
Last May, Megaworld said it is expanding the project, located at the old Iloilo airport in Mandurriao district, to 72 hectares from the initial 54 hectares.
“We have exciting plans for the additional 18 hectares that we have acquired. A unique leisure, commercial and residential development concept will soon be introduced to the Ilonggo market,” he said.
Megaworld is constructing a P1.5-billion Courtyard by Marriott Hotel in the business park. The first hotel, Richmonde Hotel Iloilo, is expected to start operations by early 2015. Both hotels will be linked to the proposed Iloilo Convention Center.
Iloilo Business Park is also expected to become a business process outsourcing hub, with nearly 100,000 square meters of leasable floor area for BPO companies in the next three to five years.
“We will definitely be bringing in new and first-time BPO locators to Iloilo,” Go said.
Earlier, research firm Cuervo Far East, Inc. released a study showing land values in Iloilo Business Park to increase by 21.27% in the next three years. Currently, land prices in the Megaworld township are pegged at P45,000-P48,000 per square meter. By 2016, the study expects land prices within the development will reach between P54,573 to P58,212 per square meter.
Iloilo Business Park is Megaworld’s biggest township in Western Visayas, with luxury residential condominiums, BPO office towers, a Megaworld Lifestyle Mall, a 1.1-kilometer Festive Walk commercial strip, open parks, transport hub, and the much-anticipated Iloilo Convention Center, among others.