Megaworld to present development plan before SP
Megaworld Corporation is set to present their development plan before the Sangguniang Panlungsod. The development plan includes the reclassification of the 54-hectare property from institution purposes to mixed purposes.
City Mayor Jerry Treñas said he was informed by Rudy Quintana, one of Megaworld's top official, of their plan. They are ready to apply for a development permit to develop the 54-hectare old Iloilo airport into a new business district.
However, there is still a need to convert the property into mix purposes such as for commercial and residential purposes. Treñas did not elaborate on the procedures in the conversion of the property.
Initially, Megaworld will have an investment of P1.5 billion to develop the old Iloilo airport. It has a concept of "live-work-play-learn community." The future business park will have a Business Processing Outsourcing (BPO), residential, hotel, convention center, commercial and retail outlets, skills training center and recreation facilities.
The corporation hired the services of Palafox and Associates to make their master plan in the old airport site. The investment poured by Megaworld in Iloilo is the first investment made by the corporation outside Manila. Currently, the corporation is clearing portions of the property of illegal structures.
Treñas said, though the corporation is ready to implement its development plan they are also worried about the power supply of the city. They need stable power supply for the operation of the hotel and BPO center.