Megaworld expands Iloilo project
Property developer Megaworld Corp. has reported brisk sale of residential space in Iloilo Business Park, prompting the expansion of its high-rise project, Saint Honore, which brings to the Visayan market some P1.35 billion worth residential inventory.
Megaworld announced the launch of Saint Honore’s “South Wing,” an expansion of the North Wing, offering additional 155 units to the growing residential market in Iloilo Business Park.
“We are very happy with how the Ilonggo market has received our fourth residential project in Iloilo Business Park. To date, the North Wing of Saint Honore is now 85-percent sold. That is why we need to advance the launch of the South Wing,” Jennifer Palmares-Fong, vice president for sales and marketing at Iloilo Business Park, said in a statement.
The new wing will have shared amenities with the North Wing on the tower’s lifestyle amenity deck. These include a swimming pool and pool lounge, kiddie pool, Jacuzzi, fitness center, function rooms and a landscaped atrium.
The atrium, located at the ground level, is designed to serve as the centerpiece of the development.
Units in Saint Honore range from studio, one-bedroom to two-bedroom with select units having their own balconies. The project is expected to be completed in 2021.
The 10-story Saint Honore is inspired by the classic architectural designs of the shophouses, boutiques, museums and retail rows of the Rue Saint-Honore, a historical street in downtown Paris.
Iloilo Business Park is a 72-hectare business commercial center and township in Mandurriao, Iloilo City, being developed by Megaworld. Upon completion, it is envisioned to have world-class hotels, a commercial area, a modern lifestyle mall, business process outsourcing (BPO) office buildings, and a convention center that can accommodate thousands of people. It will also provide recreational facilities and a transportation hub.
According to property consulting firm Colliers Philippines, Iloilo is among the centers of excellence for BPO operations in the Philippines.
“BPO firms find it convenient to establish operations in Iloilo mainly due to the number of skilled college graduates that the city produces each year. Iloilo City is a regional center for academic excellence and has about 30 colleges and universities that produce around 15,000 graduates a year. More than a fifth are Business degree holders, nearly 15 percent have Math and IT degrees while about 6 percent are Engineering graduates,” Colliers said in a Dec. 21 research.