Megaworld has revealed more intriguing details about their “Iloilo Business Park” development in Iloilo City during the groundbreaking ceremonies on May 6, 2011. The company said they will be investing P18B to develop the property over the span of ten years to transform the 54.5 hectare “old airport” lot into Iloilo City’s new central business district. The figure does not include investments from locators opening up shop in the property.
Ground Breaking Ceremony of Richmonde Hotel Iloilo and Richmonde Tower on May 6, 2011
In their short term plan, Megaworld Corp. is setting aside P2.5 billion initially over the next two years to develop the road network within the 54.5-hectare IT park and for the construction of Richmonde Hotel Iloilo and Richmonde Tower plus two more BPO office towers within this time frame. The first retail component of the project, Festive Walk, will be completed in the latter part of 2012, after which Megaworld is set to invest more to bankroll the development until 2020.
Design Sketches of the Iloilo Business Park’s commerical strip called the “Festive Walk”
Here’s a quick rundown of the details:
Iloilo Business Park Project Overview
- 54.5 hectares total land area, the largest IT park yet of publicly-listed Megaworld Corporation
- P18B investment by Megaworld over the next 10 years
- P2.5 billion initial investment over the next two years to develop the road network
- Expected to create 24,000 BPO seats, 200,000 square meters of commercial space, and around 35,000 jobs.
- A six-lane highway will serve as the main artery running through the entire length of the property
- Philippine Economic Zone Authority certified (IT) park in January 2010. BPO locators will be entitled to income tax holidays, duty-free importation of office equipment and repatriation of earnings, among others.
Richmonde Hotel Iloilo and Richmonde Tower
- 12-storey building
- Hotel component will host 90 guest rooms, which will cater to businessmen and tourists
- Seventh level amenities deck features play amenities such as a lap pool, children’s pool and fitness center, while the business center on the same level will include meeting rooms and a conference room.
- Richmonde Tower will occupy the second to sixth floors of the hotel, offering more than 9,000 square meters of prime office space for BPO locators.
- Projected completion in the last quarter of 2012
- Two kilometers total length, which will be the longest shopping and dining strip in the Philippines
- Initial 200 meter section of the Festival Walk will be opened alongside Richmonde Hotel Iloilo and Richmonde Tower
Le Grand Richmonde Hotel
- High-end Hotel counterpart of Richmonde Hotel Iloilo with convention facilities
- Construction to begin after the completion of Richmonde Hotel Iloilo
Two Addt’l BPO Towers
- Five storey twin towers
- Construction to begin after the completion of Richmonde Hotel Iloilo and Richmonde Tower
Iloilo Business Park Project Photo Updates
Richmonde Park Hotel and Richmonde Tower Ground Breaking Photos
Hon. Senator Franklin M. Drilon
Hon. Mayor Jed Patrick E. Mabilog
Presenting the key to the City of Iloilo
At 54.5 hectares, Iloilo Business Park is the largest IT park yet of publicly-listed Megaworld Corporation, the country’s #1 business process outsourcing (BPO) office landlord. The master plan for the entire community includes hotels, BPO office towers, a convention center, a skills training center and retail components. With its premium brands, affordable boutiques and al fresco dining areas for restaurants, the two-kilometer retail and dining strip of Festive Walk is expected to become the next hip hangout for Iloilo’s youth and a vital tourist spot.