TYCOON Andrew Tan-led property developer Megaworld Corp. has reported brisk demand for its 71-hectare Iloilo Business Park project, resulting in fast-improving property valuations.
In a statement, Megaworld said that since it started selling commercial lots in 2013, lot prices were now selling at P70,000 a square meter (sq m) or 49-percent higher than the inaugural offering of P47,000/sq m.
The lot cuts range from 611 sq m to 1,735 sq m. Around nine hectares of the entire township had been allocated for the commercial district.
To date, Megaworld said 80 percent of the commercial lots have been sold. Banks and financial institutions as well as local enterprises were among the takers. Metropolitan Bank and Trust Co. and Union Bank of the Philippines are among the major banks that are set to establish their regional headquarters and offices in this area.
“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,” Jennifer Palmares-Fong, head of marketing at Iloilo Business Park, said.
The commercial district, which will rise at the southern part of the township near the Iloilo River, is envisioned to be one of the busiest districts in Iloilo Business Park. It will be directly connected to the township center via the six-lane Megaworld Boulevard.
“Aside from banks and financial institutions, other commercial businesses such as car and furniture showrooms as well as regional headquarters of corporations are welcome to the financial district of Iloilo Business Park,” Palmares-Fong added.
Iloilo Business Park will be home to two business hotels (Richmonde Hotel Iloilo and Courtyard by Marriott), the Iloilo Convention Center, which will be the biggest convention facility in Region 6 alongside state-of-the-art business process outsourcing (BPO) office towers.