Philippine real estate developer Megaworld is set to launch another residential condominium project within the Iloilo Business Park after recording strong sales in 2013. The new development, Lafayette Park Square, is set to rise adjacent to the business park’s first condominium cluster, One Madison Place.
A 14-storey single tower with 289 residential units, Lafayette will boast of European aesthetics, featuring architectural designs reminiscent of French and Spanish chateaus. While familiar to some as seen in Megaworld’s existing developments Eastwood City, McKinley Hill and Newport City, this structural theme will be making its debut in Iloilo through Lafayette.
“We are very excited to introduce a new concept for Iloilo. 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. We believe the European feel will be a perfect fit for the upscale Iloilo market,” Iloilo Business Park head of marketing for residential business Jennifer Palmares-Fong stated.
Megaworld revealed that among Lafayette’s offerings will be a third-floor amenity deck with a pool and lounge, a Jacuzzi, a fitness gym, a social hall, a daycare center and play area, a reading nook and garden, and a covered sitting area.
With an estimated completion date of 2018, Megaworld forecasts sales of Php 1.4 billion for this year, as well as an increase in demand from the international market.
“We are definitely bullish about Iloilo,” Fong said. “Around 20% of our residential unit sales last year was driven by our international sales.”
In 2013, Megaworld announced that they will expand Iloilo Business Park from the original plan of 54 hectares to 72. The first three BPO buildings are also set for completion this year, while Richmonde Hotel Iloilo will be operational by early 2015. Several other businesses within the township – the Courtyard by Marriott, the Iloilo Convention Center, and the Megaworld Central Mall – are already in construction.