Megaworld notes Ilonggos’ changing view on real estate

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ILOILO CITY — Property developer Megaworld Corp. dismissed claims that Ilonggos are thrifty and will stash away their wealth inside bank vaults rather than buy condo units.

“They just want value for their money,” explained Jennifer Palmares-Fong, Megaworld VP for sales and marketing of Iloilo Business Park.

Palmares-Fong, who hails from Iloilo herself, said Megaworld will not develop its sixth residential project if there is no demand from the Ilonggo community.

The developer’s project, Saint Honore, a French-inspired residential tower, will rise at Megaworld’s 72-hectare Iloilo Business Park in Iloilo City. The tower will house 168 condominium units priced from R2.9 million to R9 million.

“Ilonggos have money to spend and they are spending wisely,” she added. She also noted how Megaworld’s other residential projects including The Palladium, One Madison Place and Lafayette Park Square have been sold out in record time.

Harold Geronimo, Megaworld AVP and chief of public relations, said that Megaworld expects sales of R1.5 billion from Saint Honore.