Megaworld to develop modern financial center in Iloilo

MANILA, Philippines - Megaworld, the Andrew Tan-led property giant, is developing a modern financial center inside the 72-hectare Iloilo Business Park, with several banks and companies already set to build regional headquarters in the district, a ranking official said over the weekend.

Jennifer Palmares-Fong, head of marketing of Iloilo Business Park, said interest has been strong, with commercial lots almost sold out.

“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,” she said.

Megaworld has allocated nine hectares of the entire township for the commercial district.

It started selling the lots at P47,000 per square meter in 2013. Today, the lots, which range from 611sqm to 1,735 sqm, are now sold at P70,000 or a 49 percent increase from its original price a couple of years ago, according to Megaworld.

Eighty percent of the lands have already been sold to banks and financial institutions as well as local enterprises but Palmares-Fong said the lots are also viable for hotels.

Among the major banks that are set to establish their regional headquarters and offices in Iloilo Business Park’s financial district include the George Ty-owned Metrobank and the Aboitiz Group’s Unionbank.

“Aside from banks and financial institutions, other commercial businesses like car and furniture showrooms as well as regional headquarters of corporations are welcome to the financial district of Iloilo Business Park,” she said.

Megaworld is developing the commercial district, which will rise toward the southern part of the township near the iconic Iloilo River.

It is envisioned to be one of the busiest districts in the Iloilo Business Park once completed. It will be directly connected to the township center via the six-lane Megaworld Boulevard.

Megaworld’s Iloilo Business Park, occupying 72-hectares on the former site of the Old Mandurriao Airport, is envisioned to be the biggest business, lifestyle and tourism hub in Western Visayas.

Aside from the financial and commercial district, 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 largest convention facility in Region VI, will also be part of the business park as well as state-of-the-art BPO office towers, luxury residential condominiums including The Palladium, the tallest residential tower in Western Visayas, and the Festive Walk Mall.

In addition to this, Megaworld is also developing The Street of Festive Walk, a 1.1-kilometer commercial and retail strip, which will be the longest dining and retail strip in the entire Western Visayas region. 

The property giant has lined up several projects for the year in Luzon and Visayas including the development of residential projects in the Makati Central Business District, office buildings in Fort Bonifacio in Taguig and its township projects.