Waterfront sells P1.7 billion Ilocos Norte land to Megaworld 

Gatchalian-led hotel and resort firm Waterfront Philippines Inc. reported a P1.76 billion gain from the sale of 57.5 hectares of land in Ilocos Norte to township developer Megaworld Corporation in a deal valued at P2.06 billion, according to a report by Manila Bulletin.

In a disclosure to the Philippine Stock Exchange, Waterfront said subsidiary Grand Ilocandia Resort and Development, Inc. (GIRDI) sold the land adjacent to its Fort Ilocandia Resort.

The sale was approved by the GIRDI board on April 18, 2024, and two Deeds of Absolute Sale were signed by GIRDI on June 20, 2024 and August 2, 2024, respectively.

A total of 574,680 square meters of land in Ilocos Norte, adjacent to the Fort Ilocandia Resort was sold. The first Deed of Absolute Sale signed on June 20, 2024 pertained to 305,575 square meters while the second Deed of Absolute Sale signed on August 2, 2024 pertained to 269,105 square meters.

Waterfront said the total purchase price of %u20B12.06 billion was based on the fair market value of the land and this resulted in a gain on sale of assets of %u20B11.76 billion booked by GIRDI.

Following this land acquisition, Megaworld announced that it is investing %u20B115 billion to develop an 84-hectare land along the coastline of Laoag City into a premium mixed-use beachside township.

The firm said the budget will be spent over 15 years to develop Ilocandia Coastown—the 34th township development under its portfolio.

“This is a wonderful start for our Group’s investment in the Ilocos Region, particularly in the capital city of Laoag,” said Kevin L. Tan, president and CEO of Alliance Global Group, the parent company of Megaworld.

He added that, “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.”

Megaworld said the township will feature upscale residential developments, a shophouse district, and a commercial district, as well as its own town center that will serve as an iconic focal point of the entire development.

The entire development will have architectural inspiration drawn from Filipino and Spanish heritage designs.

Ilocandia Coastown also has its own 1.4-kilometer beach line, and includes an area of sand dunes, which Ilocos Norte has been famous for.

It is strategically located just adjacent to the world-famous Fort Ilocandia Hotel. The project site is only around 15 minutes away from Laoag International Airport and is also less than 30 minutes away from the historic Paoay Church.