MEGAWORLD CORP. has recently launched a new condominium tower project in its 72-hectare township in Iloilo City.

In a statement over the weekend, the property developer said it aims to expand its residential portfolio in the Iloilo Business Park with the introduction of the township’s sixth residential property.

The new project, called The Pinnacle, is scheduled for completion in six years. It is expected to raise P1.5 billion in sales.

The 20-storey condominium is composed of 572 residential units offered in varying sizes, namely studio (up to 34 square meters), studio with loft (up to 56 sq. m.), executive studio with loft (up to 73 sq. m.), one-bedroom (up to 40 sq. m.), executive one-bedroom (up to 61 sq. m.), two-bedroom (up to 84.5 sq. m.), two-bedroom with loft (up to 89.5 sq. m.), and two-bedroom with deck (up to 113.5 sq. m.).

It will also have an amenity deck with a lap pool and a kiddie pool, a fitness center, an outdoor fitness area, a function room, an outdoor lounge, a daycare center, a children’s play area, a jogging path, a private dining room and an atrium garden.

“Iloilo City, particularly Iloilo Business Park, remains to be an attractive location for property investments,” Jennifer Palmares-Fong, Megaworld Iloilo vice-president for sales and marketing, was quoted as saying in the statement.

“Since we started selling our first residential condo tower here in 2013, prices per square meter have already more than doubled. Those who bought a P3-million unit with a size of 40 square meters seven years ago would see their property appreciating to P6.8-million today,” she added.

The other residential projects Megaworld has introduced in Iloilo City are One Madison Place, Lafayette Park Square, The Palladium, Saint Honore and Saint Dominique. These make up the 1,741 units in Iloilo Business Park’s current residential inventory.

Aside from residential projects, Iloilo Business Park also offers commercial establishments and office spaces. Megaworld is investing P35 billion to develop the township over a 10-year period.

In the first quarter, Megaworld’s earnings slid 9% to P3.5 billion due to a non-recurring gain and a flat topline. The coronavirus pandemic pulled revenues from its hotel business, which fell 4% to P551 million.

Shares in Megaworld at the stock exchange shed one centavo or 0.32% to close at P3.15 each on Friday. — Denise A. Valdez