Megaworld’s Iloilo Business Park Project Overview
Last May 6, 2011 Megaworld Corporation, one of the country’s top property developer officially started its Iloilo Business Park project in Mandurriao district here with a groundbreaking ceremony.
The company is developing a 54.5 hectare prime property, the former Iloilo Airport into a mix-use complex with live-work-play-learn components. The master plan includes hotels, BPO office towers, a convention center, a skills training center and retail components.
Iloilo Business Park Master Plan [Click the image to enlarge]
[Click the image to enlarge]
The sprawling development site of Megaworld’s Iloilo Business Park
“The Iloilo Business Park is the kind of project that Megaworld is excited to build. It’s a master-planned community that offers a fully integrated work-play-learn lifestyle—a lifestyle that took a long time coming to the South, but is finally poised to become a reality. It’s also a community that is set to give back to the people it serves—and to the city it calls home—whether it’s by creating employment, encouraging tourism or contributing to the economy.” said Mr. Kevin L. Tan, Megaworld’s VP and Head for Commercial Division during the groundbreaking.
Megaworld is known for developing Eastwood City in Libis and various other prime developments in Metro Manila such as the McKinley Hill in Fort Bonifacio and Newport City across the NAIA Terminal 3 in Pasay City.
The company is envisioning a so-called BPO Triangle with Metro Manila, Iloilo and Cebu as their hubs. After Iloilo, the Cebu project will commence to complete the BPO Triangle with only about half the size of the Iloilo development.
Initially, the company is investing at least P2.5 billion for Iloilo Business Park over the next two years to develop the road network within the complex and for the construction of Richmonde Hotel Iloilo and Richmonde Tower. It will also build two more BPO office towers within this time frame.
Richmonde Hotel Iloilo and Richmonde Tower
Aside from that, they are also developing the first retail component of the project, the Festive Walk which is envisioned to be the longest retail strip promenade in the country once finished. It is a two kilometer long strip of shops and commercial establishments both for mid-end and high-end markets. It has provisions for al-fresco dining. It will run along the entire length of the property.
For the first phase of the project, the company is building only about 200 to 250 meters of the Festive Walk to test how the market in Iloilo embraces such kind of development.
Two hotels will complement the company’s mantra for the Iloilo Business Park. The first is the businessman’s hotel Richmonde Hotel Iloilo which is currently under construction. The other one is a grander counterpart, the Le Grand Richmonde Hotel which is complete with ballroom and convention facilities. These twin developments are intended to encourage more business and tourism opportunities here in the city.
The convention center in the pipeline is one of the unique features of Iloilo Business Park apart from having high concentrations on BPOs.
The Iloilo project is the largest IT park of publicly-listed Megaworld Corporation to date.
In summary, the company will develop 54 hectares, 16 hectares of which are roads, including a 6-lane main avenue (Megaworld Avenue) with at least Php25 billion in total budget until 2020. They will create more than 24,000 BPO seats, 200,000 square meters of commercial space, and around 40,000 jobs.
Megaworld officials with Iloilo’s politicians and representatives from the local business sectors and academe during the groundbreaking ceremony held last May 6, 2011
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