Megaworld debuting in Ilocos with P15-B war chest
Real estate giant Megaworld Corp. is debuting in Ilocos Norte province, banking on robust economic growth of the first family’s home province and ready to invest about P15 billion in this first project in Northern Luzon.
The company led by billionaire Andrew Tan said in a statement on Monday that they had planned to develop the 84-hectare Ilocandia Coastown in Laoag City within the next decade. This will be Megaworld’s 34th township overall.
It is set to feature a 1.4-kilometer beach line, upscale residential developments, shophouse and commercial districts and a town center with “Filipino and Spanish heritage design.”
“We see a lot of opportunities in this part of the country, especially on tourism, and we hope to unlock these opportunities through this development,“ Megaworld chief strategy officer Kevin Tan said.
The development will stand near the existing Fort Ilocandia Hotel and 15 minutes away from the Laoag International Airport, according to Megaworld.
Ilocos was identified as the third-fastest growing region in the country as of last year with a 7.1-percent growth rate, data from the Philippine Statistics Authority show.
Central (7.3 percent) and Western Visayas (7.2 percent) were first and second, respectively. Megaworld has built the Mactan Newtown and Iloilo Business Park townships in these regions.
The company’s announcement of its Ilocos township project came two months after it unveiled its P12-billion investment in a Batangas township.
The San Benito Private Estate in Lipa will be connected directly to luxury wellness resort The Farm at San Benito.
It is expected to have residential village lots, condominiums and an “international brand hotel,” among others.
According to Megaworld, it would take around five to seven years to build the 25-hectare integrated active wellness project.
The developer earlier said it wanted to expand its township portfolio to 35 by the end of the year.
Heightened demand in its township projects, particularly those in Taguig, Cavite, Bulacan, Palawan and Cebu, helped lift the first-semester earnings of Megaworld by 9 percent to P8.55 billion.
Parent firm Alliance Global Inc. said it expected a “sustained rise” in contributions from Megaworld as consumer spending improved.
