MEGAWORLD Corp. on Monday said it is launching its seventh residential tower in Iloilo Business Park after the success of its residential development launched last year.
It said the 10-story Saint Dominique will be a Parisian-inspired residential development that will rise in the 72-hectare township in Mandurriao, Iloilo City.
“We have sold out Saint Honore in just four months since we launched it late last year. Up to now, there is strong interest on this Parisian-themed development so we decided to come up with another tower using the same inspiration,” said Jennifer Palmares-Fong, vice president for sales and marketing, Iloilo Business Park.
Saint Honore is the project the company launched last year.
Megaworld’s new residential tower, meanwhile, will have 152 units on eight floors ranging from a studio of up to 35 square meters, one bedroom with balcony of up to 50 sq m two-bedroom unit of up to 79 sq m, and exclusive loft units of 38.5 sq m each.
Linked to Saint Honore, Saint Dominique will have shared recreational amenities with the adjacent tower that include a landscaped atrium, fitness center, indoor spa, game room, day-care center, children’s playground, Jacuzzi, swimming pool and pool lounge and a kiddie pool.
“The ground level will still be dedicated to retail shops as the tower becomes part of the stretch of Festive Walk Parade, the envisioned longest dining and retail in the entire Visayas-Mindanao area. This makes Saint Dominique as exciting and promising as Saint Honore,” Fong said.
A few meters away from the Iloilo Convention Center, Marriott Courtyard Hotel and Richmonde Hotel, Saint Dominique is expected to be completed in 2022. Megaworld expects the new tower to generate around P1.5 billion worth of residential inventory.
The company did not say how much it is selling the units.
“During the past four years, we have been experiencing strong demand for residential units in [the] Iloilo Business Park,” Fong said. “A demand continues, we are focused on coming up with new concepts and ideas for our projects.”
Megaworld’s residential developments in Iloilo have been widely received by the market since it started selling its first condominium project in 2013.
Since that year residential properties in Iloilo Business Park have appreciated at an average of 18.6 percent annually.