October 15, 2024 | 12:00am
MANILA, Philippines — Property developer Megaworld Corp. is bringing its residential expansion to the north of Luzon by investing P15 billion to build a township on the coastline of Laoag, Ilocos Norte.
Megaworld is putting up an 84-hectare mixed-use, beachfront estate on the western end of Laoag, to be called Ilocandia Coastown once completed in 10 years.
Aside from the residential feature, Ilocandia Coastown will boast of its own 1.4 kilometer beach line, including an area for sand dunes which Laoag is famous for.
Likewise, the township will stand close to five-star hotel Fort Ilocandia and is 15 minutes away from the Laoag International Airport, the main gateway to the Ilocos Region. Also, the property is less than an hour’s drive from tourist spots in Ilocos Norte like the Paoay Church.
Megaworld president Lourdes Gutierrez-Alfonso said the developer decided to expand in Laoag to take advantage of its economic spurt. Based on data from the Philippine Statistics Authority, the Ilocos Region – where Laoag is located – was the third fastest growing region in 2023.
Central Visayas registered the quickest growth of 7.3 percent, followed by Western Visayas’ 7.2 percent. Megaworld is already present in these regions.
“We are already present in Central and Western Visayas, the two fastest growing regions when it comes to the local economy, (and) now it is time to be in Ilocos to complete our presence in the three fastest growing regions in the country today,” Alfonso said.
Moreover, Laoag is listed as part of Digital Cities 2025 under the Department of Information and Communications Technology, which identifies prospective areas ripe for information technology and business process management investments.
Based on the final design, Ilocandia Coastown will feature upscale units, a shophouse district and a commercial district, with a town center in the middle that would serve as its focal point. It will draw inspiration from Filipino and Spanish architecture for its general design.
Ilocandia Coastown will be Megaworld’s 34th township development. History is also made for the company, marking the first time that Megaworld has set foot in Ilocos Region.
Megaworld’s parent Alliance Global Group Inc. believes the expansion to Laoag would bring in business opportunities for the company, particularly in tourism.
For 2024, Megaworld has allocated P55 billion for its capital expenditures, to be spent on putting up new projects and completing existing developments.
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