Megaworld to spend P15B for 84-hectare township in Ilocos Norte

Listed property developer Megaworld Corp. has allocated P15 billion to develop an 84-hectare township in Ilocos Norte, marking the company’s 34th township development and its first in Northern Luzon.

Dubbed as the “Ilocandia Coastown,” the township is located adjacent to the Fort Ilocandia Hotel with a 1.40-kilometer beach line, along with an area of sand dunes. It is set to have residential developments, a shophouse district, commercial district, and its own town center.

The development is set to have architectural inspiration from Filipino and Spanish heritage designs, and will be 15 minutes away from the Laoag International Airport, and 30 minutes from the Paoay Church.

“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,” Kevin Tan, president and chief executive officer of Alliance Global Group, the parent firm of Megaworld, said in an emailed statement.

Megaworld said the investment in the area comes as the Ilocos Region is the third-fastest growing economy in the Philippines, and Laoag being one of the 25 cities identified by the Department of Information and Communications Technology for its Digital Cities 2025 program.

“We are already present in Central and Western Visayas, the two fastest growing regions in the country when it comes to local economy,” Megaworld president Lourdes Gutierrez-Alfonso said.

“Now it’s time to be in Ilocos to complete our presence in the three fastest growing regions in the country today. We are very excited to showcase our signature township lifestyle in Ilocandia,” she added.

Megaworld ended the first half of the year with a P9.81-billion net income, as consolidated revenues hit P39.10 billion.

Its subsidiaries include the Richmonde Hotel Group International Limited, Eastwood Cyber One Corp., Empire East Holdings Inc., Global-Estate Resorts Inc., and Bonifacio West Development Corp.—AOL,GMA Integrated News