Iloilo City is rapidly becoming a resplendent property hub in the Philippines, driven by its economic vitality and transformative developments. A significant highlight of this evolution is Megaworld’s Iloilo Business Park (IBP), a master-planned township that epitomizes modern urban living.
This vision of Iloilo’s future was recently underscored by Joey Roi Bondoc, Director of Colliers Philippines, in a presentation held on September 30 at the Richmonde Hotel Iloilo.
The event, attended by key stakeholders such as Megaworld Vice President and Head for Public Relations and Media Affairs Harold Geronimo, and Jennifer Palmares Fong, Vice President for Sales and Marketing at Megaworld IBP, outlined the city’s promising trajectory. Bondoc emphasized Iloilo’s strategic position within Western Visayas, which recorded a remarkable GDP growth of 7.2% in 2023, driven by the robust construction sector that grew by 15.8%.
Iloilo’s Competitiveness and Government Efficiency
Iloilo City has also been recognized as one of the most competitive cities in the Philippines. In 2024, the city ranked Top 5 in the Cities and Municipalities Competitiveness Index (CMCI), conducted by the Department of Trade and Industry (DTI), making it the highest-ranked city outside Metro Manila. Notably, Iloilo was ranked No. 1 in Government Efficiency, a testament to its strong governance and ability to foster public-private partnerships, particularly under the administration of Mayor Jerry Treñas.
“Iloilo city government and provincial government are active, in fact, pro-active. When we ask people from the City Government, they’re willing to provide all these information that we require so as to come up with insightful reports and data,” said Bondoc. These partnerships have helped accelerate urban development while improving the quality of life for residents.
Iloilo Business Park: The Centerpiece of Urban Development
Megaworld’s Iloilo Business Park is at the heart of Iloilo’s transformation, reshaping the city’s skyline and lifestyle offerings. Spanning 72 hectares, this township is a prime example of integrated urban development, combining residential, commercial, and office spaces with entertainment and leisure hubs. It is set to enhance Iloilo’s appeal to both investors and residents, reinforcing its position as a premier property destination in the Visayas.
The upcoming Enterprise One and Enterprise Two office buildings, set for completion by 2024 and 2025, respectively, will add over 28,000 square meters of leasable office space. These developments are tailored to meet the increasing demand from business process outsourcing (BPO) and knowledge process outsourcing (KPO) firms, cementing Iloilo’s reputation as a key location for outsourcing.
Rising Residential Market in Iloilo
Iloilo’s residential market is equally promising, with increasing demand for both vertical and horizontal developments. Bondoc shared that the city’s condominium stock stood at 8,770 units by mid-2024, with an additional 1,780 units expected to be completed by 2026. Megaworld’s projects within IBP, such as The Palladium, Saint Honore, and The Pinnacle, have shown strong performance, with high sales and continued interest from buyers.
Harold Geronimo also announced that Megaworld’s upcoming Italian-inspired Firenze won the Best Condo Development in the Visayas at the Philippines Property Awards 2024, while Saint Honore was highly commended for Best Condo Interior Design. “We are very proud of these two developments. Definitely, these are upgrades among all condo developments here in Iloilo City,” said Geronimo. These recognitions reflect the high standards and appeal of residential projects within Iloilo Business Park.
The Palladium, for instance, has sold 87% of its units as of Q2 2024, highlighting the strong demand for premium residential spaces in Iloilo Business Park. With a compound annual growth rate of 5.4%, condominium prices in Iloilo have appreciated steadily, reflecting the city’s growing attractiveness as a residential hotspot.
Expanding Horizontal Market: Sta. Barbara Heights
Beyond vertical developments, Iloilo’s horizontal market is also seeing substantial growth. Sta. Barbara Heights, a prominent horizontal development located in Sta. Barbara, Iloilo, is one such example. As of Q2 2024, the average total contract price for lot-only units in Sta. Barbara Heights Phase 3 reached PHP 4.8 million, with an average price per square meter of PHP 18,000. The development has sold 77% of its units, reflecting the rising demand for spacious residential lots in the outskirts of the city.
With an expanding stock of horizontal units and growing price appreciation in this segment, Sta. Barbara Heights is poised to attract more investors seeking to capitalize on the region’s potential for growth and development.
Infrastructure Boosting Iloilo’s Connectivity and Property Values
Key infrastructure projects were also discussed during the event, including the Panay-Guimaras-Negros Link Bridge, a 32.5-kilometer project expected to be completed by 2028. This ambitious project will significantly improve connectivity between Iloilo and neighboring islands, enhancing trade, investment, and tourism. Additionally, the Iloilo International Airport is set for expansion, further positioning the city as an international gateway for business and leisure.
These infrastructure developments are projected to increase property values across Iloilo, making it an even more attractive destination for both local and international investors.
Future of Iloilo’s Property Sector
During his presentation, Bondoc highlighted the continued expansion of Iloilo’s real estate market, driven by the development of master-planned communities such as Megaworld’s Iloilo Business Park. The township’s integrated approach to living, working, and leisure sets it apart, making it a magnet for businesses, residents, and tourists alike.
Iloilo’s strengths include rising infrastructure investment, a young workforce, and a dynamic retail landscape, along with a relatively lower cost of living compared to larger urban centers. These factors contribute to Iloilo’s growing appeal as a competitive destination for investment.
With sustained economic growth, strong government leadership, ongoing infrastructure improvements, and robust demand for residential and commercial spaces, Iloilo City is on a clear path to becoming one of the top property destinations in the Philippines.
