Strong demand pushes Megaworld to ramp up Iloilo condo development

MEGAWORLD CORP., the property firm of tycoon Andrew L. Tan, is ramping up the development of a residential project in Iloilo amid strong demand.

In a statement, the listed real estate developer said it is launching the 155- unit south wing of Saint Honore in Iloilo Business Park. The entire tower is projected to generate around P1.35 billion in sales.

Saint Honore, Megaworld’s fourth residential project in the township, has enjoyed robust take-up.

“To date, the North Wing of Saint Honore is now 85% sold. That is why we need to advance the launch of the South Wing as we continue to receive more inquiries about this project,” Jennifer Palmares- Fong, vicepresident for sales and marketing at the Iloilo Business Park, was quoted in the statement as saying.

Units in the 10- storey Saint Honore range from studio, onebedroom and two-bedroom with select units having their own balconies. The tower will be completed in 2021.

The new wing will have shared amenities with the north wing tenants, such as a swimming pool and pool lounge, kiddie pool, jacuzzi, fitness center, function rooms and a landscaped atrium.

The atrium, located at the ground level, will serve as the centerpiece of the development, replete with garden landscape with trellised seating.

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.

Megaworld is developing the 72- hectare Iloilo Business Park for P35 billion over a 10year period. It is the company’s single largest investment outside Metro Manila.

The company is mainly expanding its office and retail portfolio within its mixed-use developments called townships. To date, the company has launched nine of such projects within the National Capital Region and 12 in provinces.

In the first nine months, Megaworld saw an 11% yearon-year uptick in net income to P9.27 billion from P8.35 billion, faster than the 5% increase in revenues to P35.26 billion from P33.53 billion.

Megaworld is part of Alliance Global Group, Inc., the holding company for Mr. Tan’s real estate, liquor, tourism- entertainment and gaming, and quick service restaurant businesses.

Shares in Megaworld added three centavos or 0.81% to end at P3.75 each on Friday. —