Property developer Megaworld Corp. said Monday it is investing P15 billion to expand its presence in Ilocos Norte province.
The company said in a disclosure to the stock exchange it would develop an 84-hectare mixed-use beachfront township called Ilocandia Coastown along the western coastline of Laoag City over the next 10 years.
The township will feature upscale residential areas, a shophouse district, a commercial district and a central town center designed with Filipino and Spanish architectural influences.
Ilocandia Coastown is strategically located next to the Fort Ilocandia Hotel and is about 15 minutes from Laoag International Airport. It is also less than 30 minutes from the historic Paoay Church.
“This is a wonderful start for our group’s investment in the Ilocos Region, particularly in Laoag. We see a lot of opportunities here, especially in tourism and we hope to unlock these opportunities through this development,” said Kevin Tan, president and chief executive of Alliance Global Group Inc., Megaworld’s parent company.
Megaworld said a study conducted by the Philippine Statistics Authority (PSA) in April revealed that Ilocos region is the third fastest-growing economy in the Philippines, next to Central Visayas and Western Visayas.
Laoag City was chosen by the Department of Information and Communications Technology for its Digital Cities 2025 program, recognizing it as a viable business center.
“We are already present in Central and Western Visayas, the two fastest growing regions in the country when it comes to local economy. 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,” said Lourdes Gutierrez-Alfonso, president of Megaworld.
Ilocandia Coastown will be Megaworld’s 34th township development and its first in Northern Luzon.
Megaworld announced in August its plan to develop a 25-hectare San Benito Private Estate in Lipa City, Batangas.
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