Megaworld expects P1.5-B sales from residential project in Iloilo

MANILA, Philippines - Megaworld Corp. of property tycoon Andrew L. Tan expects almost P1.5 billion in sales from its first themed residential condominium project in the P35-billion Iloilo Business Park.

The launch of second condominium project Lafayette Park Square will allow the company to cater to robust demand in the township development in Western Visayas.

“Because of the overwhelming reception of the Ilonggo market to Megaworld’s first residential condominium cluster, we want to offer something new, elegant and sophisticated,” said Jennifer Palmares-Fong, head of marketing for residential business of the Iloilo Business Park.

Lafayette Park Square is a 14-storey single tower with 289 residential units that range from studio to three bedroom layouts, the biggest of which is expansive with more than 100 square meters of floor area.

“The company is projecting sales of around P1.4 billion for this project this year. The project is set to be completed in 2018,” Megaworld said.

Featuring French and Spanish architectural designs, Lafayette Park Square is Megaworld’s first themed residential condominium in the 72-hectare Iloilo Business Park. It will be reminiscent of the chateaus that dot the border shared by France and Spain.

“We believe the European feel will be a perfect fit for the upscale Iloilo market,” Fong said.

The country’s top condominium developer and largest business process outsourcing (BPO) office landlord said it will bring the European inspirations for the first time in Iloilo, the same concept of its several projects in Eastwood City in Quezon City, McKinley Hill in Taguig and Newport City in Pasay.

Lafayette Park Square is beside the township development’s first residential condominium cluster, the three-tower One Madison Place, which was sold out in less than eight months since it was launched in March 2013.

“We are definitely bullish about Iloilo. Aside from the local market, we have seen an increasing demand for residential condominiums in Iloilo from the international market,” Fong said, adding that around 20 percent of residential unit sales last year was driven by international sales.