MEGAWORLD Corp. said it is spending P15 billion to develop the 84-hectare Ilocandia Coastown in Laoag City, Ilocos Norte.
The allocation will be spent in the next 10 years.
The mixed-use development will have “upscale residential developments, a shophouse district, and a commercial district, as well as its own town center,” according to a statement from the company.
“The entire development will have architectural inspiration drawn from Filipino and Spanish heritage designs,” the Andrew Tan-led realty firm said.
It is located adjacent to the world-famous Fort Ilocandia Hotel and is around 15 minutes away from Laoag International Airport, the company added. It is also less than 30 minutes away from the historic Paoay Church.
Ilocandia Coastown is Megaworld’s 34th mixed-use development it calls “township,” but is the company’s first property development in the entire Northern Luzon.
Ilocandia Coastown boasts of its own 1.4-kilometer beach line and includes an area of sand dunes.
“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 on tourism, and we hope to unlock these opportunities through this development,” said Kevin Andrew Tan, Megaworld chief strategy officer.
“We are already present in Central and Western Visayas, the two fastest growing regions in the country when it comes to 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,” said Lourdes Gutierrez-Alfonso, Megaworld president.
A study conducted by the Philippine Statistics Authority last April revealed that Ilocos Region is the third fastest growing economy in the Philippines, next only to Central Visayas and Western Visayas.
Laoag City is also one of the 25 cities identified by the Department of Information and Communications Technology for its Digital Cities 2025 program as a “viable business center capable of strengthening the countryside’s economic development.”
