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Megaworld to spend P15B for an 84-hectare beachside township in Ilocos Norte
Date Published:
October 14, 2024
Updated: October 14, 2024
Megaworld is investing P15B in Ilocandia Coastown, an 84-hectare beachside township in Laoag City. It will feature residential areas, a commercial district, and a town center inspired by Filipino-Spanish designs. Located near Fort Ilocandia, this project aims to boost tourism and the local economy.
Megaworld Corporation is making a significant move to expand its township developments by investing P15 billion in Ilocos Norte. The 84-hectare project, named Ilocandia Coastown, will transform a prime beachside property in Laoag City into a premium mixed-use township. This marks the company's 34th township and its first in Northern Luzon, highlighting the firm's strategic shift to capitalize on the region's growing economy and tourism potential.
Key Features of Ilocandia Coastown
Residential & Commercial Areas: The township will include upscale residential neighborhoods, providing high-quality living spaces, and a commercial district that offers a range of services and retail options for residents and visitors. Additionally, there will be a shophouse district, blending retail and residential functions, which could attract local entrepreneurs and enhance the area's business environment.
Town Center & Heritage Designs: A town center will serve as the heart of the development, showcasing architectural designs inspired by Filipino and Spanish heritage. This distinct aesthetic could make the development more attractive to tourists and investors, enhancing its cultural and visual appeal.
Beachfront & Sand Dunes: The development boasts a 1.4-kilometer stretch of beach, along with an area of sand dunes—unique geographical features that the region is known for. This proximity to natural attractions further solidifies the township’s appeal as a prime tourist destination.
Strategic Location: The township is situated next to the famous Fort Ilocandia Hotel and is only 15 minutes from Laoag International Airport, making it easily accessible for both local and international travelers. It is also just 30 minutes away from the historic Paoay Church, a UNESCO World Heritage Site, which adds to the area’s tourism appeal.
Strategic Importance and Economic Potential
Kevin Tan, CEO of Alliance Global Group, which owns Megaworld, emphasized the vast potential for tourism and economic growth in the region. He noted that Ilocandia Coastown could unlock new opportunities in Ilocos Norte, particularly in the tourism sector, which is poised for expansion due to the area's natural beauty, rich history, and cultural attractions.
The Philippine Statistics Authority (PSA) revealed that the Ilocos region is currently the third-fastest growing economy in the country, behind Central and Western Visayas. This growth positions Ilocos as a prime area for new investments. Furthermore, Laoag City has been included in the Department of Information and Communications Technology’s (DICT) Digital Cities 2025 program, which identifies it as a viable business center that can support economic development in the countryside.
Megaworld's Growing Presence
Megaworld’s entry into Ilocos Norte complements its existing townships in other fast-growing regions like Central and Western Visayas. Lourdes Gutierrez-Alfonso, Megaworld’s president, expressed excitement about bringing the company's signature township lifestyle to Ilocandia, showcasing their expertise in creating integrated communities that enhance local economies.
With this new development, Megaworld continues to solidify its position as a leading real estate developer in the Philippines. The firm ended the first half of the year with strong financial results, reporting a net income of P9.81 billion and consolidated revenues of P39.10 billion. Its growing portfolio, which includes subsidiaries like Global-Estate Resorts Inc., Empire East Holdings Inc., and Bonifacio West Development Corp., reflects its robust position in the industry.
Conclusion
Ilocandia Coastown is set to become a transformative development for Laoag City and the wider Ilocos region. It represents Megaworld’s commitment to creating vibrant, sustainable communities that blend residential, commercial, and tourism elements, while also supporting the region's economic growth. As a mixed-use township, it will not only attract premium buyers and businesses but also enhance the region’s appeal as a tourist destination, contributing to its long-term development and prosperity.
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