MEGAWORLD Corp. expects to generate up to P4 billion in sales as it launches a 22-storey residential building in Iloilo City, the company said on Thursday.
In a press release, the listed real estate developer said that the Firenze residential building will offer 415 “smart home” units and will be located at its 72-hectare development at the Iloilo Business Park in Mandurriao, Iloilo.
The company said that the construction of the building was inspired by the city of Florence, Italy. It expects completion of the Firenze residential building by 2028.
“We have chosen Florence as the inspiration of this new development because of its charm and interesting character that truly reflect what Iloilo Business Park has become through the years,” Megaworld Visayas First Vice-President for Sales and Marketing Jennifer Palmares-Fong said in a statement.
“This is the first time that we have a particular city as an inspiration for our condo in the township — not just Italian, but truly Florentine,” Ms. Palmares-Fong added.
Units would range from an up to 32 square meters (sq.m.) junior one-bedroom to a 60 sq.m. one-bedroom loft with balcony; two-bedroom units from 62 sq.m. up to 90 sq.m.; and 108 sq.m. to 132 sq.m. for the three-bedroom unit.
“Firenze will rise beside The Palladium at the northern portion of Megaworld Boulevard, just a short walk to and from Festive Walk Mall and Festive Walk Parade as well as the Iloilo Museum of Contemporary Art,” the company said.
The township developer said that amenities would include a pool area for adults and children, a hot tub, gardens, pavilion, playground, and an outdoor fitness area on the fifth floor.
“Future residents will also enjoy their time relaxing with their families or friends at the outdoor lounge located on the 21st floor of the tower,” it added.
Meanwhile, the company is also set to construct the 405-room Belmont Hotel Iloilo, its third hotel development within the Iloilo Business Park. The project adds to the 149-room Richmonde Hotel Iloilo, and the 326-room Courtyard by Marriott Iloilo.
Megaworld has launched six residential developments in the township and 11 office buildings offering about 182,000 sq.m. of leasable office spaces, of which three are still being constructed.
Shares in the company fell 1.47% or P0.03 to finish at 2.01 on Thursday. — Adrian H. Halili