MANILA, Philippines - Property giant Megaworld Corp. has started construction of a mixed-use complex at the site of the former Iloilo airport in Western Visayas.
In a disclosure, the company said it was setting aside an initial P2.5 billion over the next 2 years to develop the road network within the 54.5-hectare Iloilo Business Park.
The budget will also fund the construction of the 12-storey, 90-room Richmonde Hotel, plus 2 business process outsourcing (BPO) office buildings within the period.
The project's first retail component, Festive Walk, will be completed by late 2012, after which Megaworld said it will "invest more to bankroll development until 2020."
"The Iloilo Business Park marks the second leg of our BPO triangle after our two cyberparks in Metro Manila, with the final leg to be launched in the next few years," company chairman Andrew Tan.
The complex has been certified as an information technology park by the Philippine Economic Zone Authority, granting locators perks such as tax holidays and duty-free importation of equipment, among others.
Megaworld said more hotels, BPO offices, convention and training centers, and retail shops will rise in the Iloilo project.
Megaworld acquired the Iloilo property from the national government in 2007 for P1.2 billion in cash.