MEGAWORLD Corp. is set to develop a 7th residential tower in its Iloilo township project, after seeing the brisk take-up of earlier projects in the area.
In a statement on Monday, Megaworld said it launched the Saint Dominique, a 10-storey building that incorporates Parisian elements inside the 72-hectare Iloilo Business Park in Mandurriao, Iloilo City.
The Saint Dominique will rise next to the 10-storey Saint Honore, which has already been sold out four months after its launch.
“We have sold out Saint Honore in just four months since we launched it late last year. Up to now, there is strong interest on this Parisian-themed development so we decided to come up with another tower using the same inspiration,” Iloilo Business Park Vice-President for Sales and Marketing Jennifer Palmares-Fong was quoted as saying in the statement.
Saint Dominique is expected to generate P1.5 billion in sales from the 152 units offered on eight floors. Units range from studio type sized up to 35 square meters (sq.m.) to two bedrooms sized up to 79 sq.m.
The tower will be linked to Saint Honore, giving way for shared recreational amenities such as a landscaped atrium, indoor spa, game room, day care center, children’s playground, Jacuzzi, swimming pool, pool lounge, and a kiddie pool.
Meanwhile, the ground level will house retail shops to form part of the Festive Walk Parade, which Megaworld envisions to be the longest dining and retail area in the Visayas-Mindanao area.
The listed property developer targets to complete the tower by 2022.
“During the past four years, we have been experiencing strong demand for residential units in Iloilo Business Park. As the demand continues, we are focused on coming up with new concepts and ideas for our projects. Our goal is to become a game-changer and trendsetter in residential developments here in Iloilo. We give priority to architecture and design,” Ms. Palmares-Fong said.
Saint Dominique is Megaworld’s seventh residential tower in Iloilo, since the company launched its first condominium tower called Madison Palace in 2013. Property prices in the Iloilo Business Park have since appreciated by an average of 18.6% annually since 2013.
For the first quarter of 2017, Megaworld booked a net income of P2.9 billion, 11% higher year on year due to strong rental income as well as residential revenues.
This year, the company looks to hit the P90-billion mark in terms of reservation sales in order to double its profits by 2020.
Megaworld is the property arm of tycoon Andrew L. Tan’s holding firm Alliance Global Group, Inc., whose businesses include liquor, tourism-entertainment, gaming, and quick service restaurant businesses.
Shares in Megaworld gained two centavos or 0.43% to P4.72 apiece at the close of trading on Monday. — Arra B. Francia
