Megaworld starts second condominium project in Iloilo

Property developer Megaworld Corp. has unveiled its second condominium project in Iloilo Business Park, the 14-storey Lafayette Park Square, which is expected to generate for the company P1.4 billion in sales.

In a statement issued on Saturday, Megaworld said the new residential building—which was adjacent to its first residential condominium cluster, the three-tower One Madison Place—would offer 289 residential units of studio to three bedroom layouts. The biggest units will have more than 100 square meters of floor area.

Turnover of the units is slated for 2018.

The company said it was bringing its European inspirations for the first time in Iloilo, the same concept of its several projects in Eastwood City, McKinley Hill and Newport City. Featuring French and Spanish architectural designs. “It will be reminiscent of the majestic chateaus that dot the border shared by France and Spain, evoking a lifestyle of charm and elegance,” the company said.

Megaworld’s first condominium project in the area, One Madison, was sold out in less than eight months since it was launched in March 2013.

“We are very excited to introduce a new concept for Iloilo. Because of the overwhelming reception of the Ilonggo market to Megaworld’s first residential condominium cluster, we want to offer something new, elegant and sophisticated. We believe the European feel will be a perfect fit for the upscale Iloilo market,” said Jennifer Palmares-Fong, head of marketing for residential business, Iloilo Business Park.

“We are definitely bullish about Iloilo. Aside from the local market, we have seen an increasing demand for residential condominiums in Iloilo from the international market. Around 20 percent of our residential unit sales last year was driven by our international sales,” Fong reveals.

The tower’s ground level will feature an arcade of commercial and retail shops. It will also have a third floor amenity deck with its exclusive swimming pool and kiddie pool and pool lounge, a Jacuzzi, a state-of-the-art fitness gym, a spacious social hall, a daycare center and children’s play area, a reading nook and garden and a covered sitting area.

Megaworld announced the expansion of Iloilo Business Park last year from 54 hectares to 72 hectares, making it one of the biggest mixed-use developments of the company in the country.

This year, the company is set to complete the construction of its first three business process outsourcing (BPO) buildings covering about 25,000 square meters of leasable space.

Richmonde Hotel Iloilo, the first hotel to be completed in the township, is scheduled to be operational by early next year. Another business hotel, Courtyard by Marriott, and the much-anticipated Iloilo Convention Center, are now under construction. The proposed Megaworld Central Mall is scheduled for completion next year.