Megaworld’s Iloilo Central Business District Groundbreaking, May 6, 2011
The multi-billion project of Megaworld Corporation in Iloilo is finally set to break ground on May 6, 2011. The company will develop the old Iloilo airport in Mandurriao District into a new bustling Iloilo Central Business District.
Megaworld acquired the 54.5-hectare site of the old Iloilo airport from the Philippine government in 2007 but since then no other major developments happened in the area. The planned commercial district will comprise of office buildings, educational facilities, residential projects, a hotel, a convention center as well as retail and recreational areas.
Some facilities will be registered as a special economic zone with the Government, which will allow it to benefit from a tax holiday period as well as other incentives for investors.
The firm is expected to invest around P20 billion for long term development plans over a 10-year period on the facilities and buildings of the complex.
The first wave of constructions will be comprised of two buildings intended for Business Process Outsourcing (BPO) companies and a Richmond Hotel.
Megaworld is poised to make Iloilo as the base of their real estate development outside Luzon as what Ayala did for Cebu.
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