- News/Press Release
- Developer hypes it up in City of Love
Developer hypes it up in City of Love
By: Vanessa B. Hidalgo – @inquirerdotnet
Philippine Daily Inquirer / 05:16 AM June 23, 2018
SLLI handpicked Iloilo as a prime spot for real estate development.
Investing in real estate can be a viable option for those who want to grow their money.
While there’s certainly an abundance of premier developments in the metro, you might want to consider looking at the thriving cities and provinces for your next property investment.
Better if you consider locations rooted in rich history and which have a thriving economy, a growing influx of investors and tourists, and rising land values, which can potentially offer better investment returns.
The City of Iloilo is among the few that fits the bill.
Locally known as the “heart of the Philippines,” Iloilo is a favorite tourist destination given its rich cultural heritage, as evident in the Spanish colonial houses and churches dotting the city. This once sleepy town has also morphed into a highly urbanized city over time.
And as the city opens its doors to more investors, the real estate sector here has also experienced massive growth.
Among the developers who spotted Iloilo’s potential growth is Sta. Lucia Land Inc. (SLLI), which has been in the province since 1995. Even before, SLLI has foreseen that Iloilo was meant to scale greater heights.
The city now offers one of the most lucrative returns for your investments in the property sector, and here are some of the reasons why.
The city recently pitched three major infrastructure projects crucial to the development of Iloilo. Through the country’s public-private partnership program, Iloilo aims to construct a seamless railway connecting the city to its inner provinces, a government center and an intelligent transport system.
Iloilo is in the midst of a dizzying construction boom. This boosted Western Visayas’ economic growth rate to second fastest in 2015. The Philippine Statistics Authority said that Western Visayas posted an 8.3 percent rise in gross regional domestic product (GRDP), which refers to the total goods and services produced in a region a year. Growth, especially in construction, is expected to gain more ground in 2018.
Developers are now flocking to Iloilo to tap its diversified local economy. Before, Iloilo was mainly driven by agriculture. Now, a wider range of industries including tourism, agribusiness, BPOs and service driven firms continues to fuel Iloilo’s economy.
These positive developments continue to lure local and foreign investors to the province, and had helped boost land values to P6,600 per sqm from only P1,500 sqm.
Iloilo is also at the forefront of the meetings, incentive travel, conventions, exhibitions or events (MICE) sector.
With the opening of the Iloilo Convention Center in 2015, the city has become a favorite venue for big gatherings such as sports events, conventions and study tours. With the addition of a Courtyard by Marriott Iloilo, the city is set to hit the 4,000-room point in the next three years.
Hence, it’s not surprising to hear that more property developers are now Iloilo to cash in on this strong growth.
For its part, Sta. Lucia, which has been in Iloilo for over two decades, is continuously expanding its footprint in the province, which now stands at 262 hectares. Just last month, Sta. Lucia held the groundbreaking ceremony for Phase 2 of Green Meadows East Iloilo.
The groundbreaking ceremony last June 16 was well-attended by the top officials led by SLLI president Exequiel D. Robles; Eduardo U. Tirona, Orchard Property Marketing Corp. (OPMC) president; Antonio D. Robles, senior vice president of OPMC; Teresa D. Severo, VP for finance and administration, OPMC; and William D. Santos, national sales director for in-house network, OPMC.
The local government was represented by Mayor Jose S. Espinosa, Vice Mayor Jeffrey P. Ganzon, chief assistant Rudolf Jeffrey P. Ganzon, Councilor Jose Efrain G. Trenas III and Councilor Julie Grace L. Baronda. A holy mass was officiated by Rev. Fr. Ramil Oraiz, OCD.
Green Meadows Phase 1 is the location of SotoGrande, a six-storey full hotel development within a premier residential development. Green Meadows is also home to Iloilo’s first residential lake community.