Philippine's Megaworld gives additional PHP10 billion for Iloilo Business Park development

By Rizza Sta. Ana

Sep 05, 2013 11:37 AM EDT

Philippine real estate developer Megaworld Corporation would be adding PHP10 billion for development of the 72-hectare Iloilo Business Park, located in the Visayas region, over the next ten years. 

Megawolrd first vice president Jericho Go said in an email Thursday that the company decided to increase its PHP25 billion investment in the business park to PHP35 billion to cope up with the demand of retail living, office and leisure infrastructure.

Go also said, "The best time to invest in Iloilo Business Park is now, because things are already happening. We see great opportunities in Iloilo City, and our township will help realize the city's vision to become a major driver of economic growth in this part of the country."

Megaworld's residentail condominium units in the two towers it owned in the business park were sold in less than six months. Go added that the new investment would help Megaworld realize its gain in the next 3 to 5 years from offering 100,000 square meters floor area for lease to business process outsourcing (BPO) companies.

In a recent study done by third-party research agency Cuervo Far East Inc., land valuations showed a 21.27% in prices in the next three years. Should the country's economy and political climate remained stable, prices would jump from PHP45,000 to P48,000 per square meter to PHP54,573 and P58,212 per square meter. 

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