LISTED property developer Megaworld Corp. is allotting P15 billion to develop a township in Laoag City, Ilocos Norte, over the next 10 years, marking the company’s first property development in Northern Luzon.
The company is developing the 84-hectare Ilocandia Coastown mixed-use beachfront township, its 34th township development overall, Megaworld said in a statement to the stock exchange on Monday.
Ilocandia Coastown will have upscale residential developments, a shophouse district, a commercial district, and a town center.
It will also feature a 1.4-kilometer beach line that includes an area for sand dunes.
“We are already present in Central and Western Visayas, the two fastest-growing regions in the country when it comes to the 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,” Megaworld President Lourdes T. Gutierrez-Alfonso said.
Ilocandia Coastown will be adjacent to the Fort Ilocandia Hotel and is only around 15 minutes away from Laoag International Airport.
It is likewise less than 30 minutes away from Paoay Church.
The property’s architectural inspiration will be drawn from Filipino and Spanish heritage designs.
“This is a wonderful start for our group’s investment in the Ilocos Region, particularly in the capital city of Laoag. We see a lot of opportunities in this part of the country, especially in tourism, and we hope to unlock these opportunities through this development,” said Kevin Andrew L. Tan, president of Megaworld’s parent company Alliance Global Group, Inc.
The Department of Information and Communications Technology has named Laoag as one of the 25 cities for its Digital Cities 2025 program, describing the city as a “viable business center capable of strengthening the countryside’s economic development.”
In April, the Philippine Statistics Authority cited Ilocos Region as the third fastest-growing economy in the Philippines, trailing only Central Visayas and Western Visayas.
Megaworld announced in August that it was developing a P12-billion “wellness township” in Lipa City, Batangas, marking the 33rd township development in its portfolio.
On Monday, Megaworld shares rose 1.38% or three centavos to P2.20 per share. — Revin Mikhael D. Ochave