PRE-FEASIBILITY STUDY

Iloilo Downtown CBD Revitalization Project
 Table of Contents

Overview

Background 4

Objectives & Scope   6

Development Strategy & Feasibility Considerations 8

The CBD Revitalization Components 10

The Investment Strategy & Approach to Financing 11

Guiding Principles for Longer Term Redevelopment 
Activities 14

Section 1: Calle Real & Aldeguer Street 
Pedestrianization Project Implementation Plan 
Study

Section 2: Iloilo City Central Market Pre‐Feasibility 
Study
CITIES DEVELOPMENT INITIATIVE FOR ASIA (CDIA)
SUPPORT MIG, PHILIPPINES
Project No. 07.2029.2‐001.00

Iloilo Downtown CBD
Revitalization Project
Pre‐Feasibility Study

(DRAFT)

Prepared by:

CONSULTANTS FOR COMPREHENSIVE ENVIRONMENTAL 
PLANNING, INC.

August 2008

1856 Asuncion St., Santiago Village, Makati City
Tel :  895‐1812 ; Fax :  890‐2480
E‐mail  :   concepinc@pldtdsl.net
 Iloilo Downtown CBD Revitalization Project
PRE-FEASIBILITY STUDY
Overview

Background

This Pre‐Feasibility Study report focuses on the proposed

redevelopment of the Iloilo City central business district, one of the
major components of the Cities Development for Asia (CDIA) Support to
Metro Iloilo‐Guimaras, Philippines (Project No. 07.2029.2‐001.00) – or
CDIA‐MIG for short. Based upon a request from the Metro Iloilo‐
Guimaras Economic Development Council (MIGEDC), the subject project
is supported by the CDIA, which is a regional initiative of the Asian
Development Bank (ADB), the German Development Cooperation (GTZ)
system, and the Swedish International Development Cooperation
Agency (SIDA). The CDIA is designed to support cities in ADB’s
developing member countries in strengthening the links between their
urban planning and infrastructure investment programs, and to
facilitate that identified projects will be subjected to pre‐feasibility
studies, full‐blown feasibility studies, and will be financed and
implemented accordingly. It is within this framework that the CDIA‐MIG
and the pre‐feasibility study of the Iloilo CBD revitalization project are
being undertaken.

The pre‐feasibility study (PFS) aims to establish the prima facie case to
take the Iloilo CBD revitalization project to feasibility level under
standard agreement with a financing institution.The CBD project area is
shown in Figure 1.

The PFS report tries to adhere to a standard acceptable to national and

international financing institutions, with particular reference to
requirements for possible ADB financing under the GoP/ADB Philippines
Basic Urban Services Sector (PBUSS) project, including flagging potential
issues requiring in‐depth review in accordance with the various ADB
safeguards guidelines at the subsequent feasibility study stage. Figure 1. Location of Project Area.

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 Iloilo Downtown CBD Revitalization Project
PRE-FEASIBILITY STUDY
Overview

Figure 2. Calle Real, Iloilo City. Figure 3. Aldeguer Street, Iloilo City.

Background (cont’d)

In the course of validating the details of the project during

the PFS preparation period, two types of redevelopment
projects emerged as essential for promoting the CBD project
objectives. Within the context of the heritage,
environmental and economic objectives of the CBD project,
these redevelopment project types involve: 1) the
pedestrianization of selected city thoroughfares; and 2) the
re‐design and construction of the old city market complex.
These projects lend themselves to different approaches
particularly insofar as their financial viability is concerned.
Figure 4. Central Market, Iloilo City.

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Overview
Objectives & Scope
The Iloilo CBD is the economic center of not only the entire
city but of the Metro Iloilo‐Guimaras region. Conceptually, its
revitalization aims to transform the area into an exciting,
interesting place where business want to remain and/or
relocate, and people want to work, shop, live, and have fun.
Originally, the revitalization effort was envisioned to
encompass only the pedestrianization of a stretch of Calle Real
Street. The pedestrianization process would include physical
improvements on and along the street including building
repairs and rehabilitation, landscaping, building façade and
sign programs, streetscape improvements, parking areas, etc.
It also proposes the adoption and enforcement of appropriate
zoning and related building ordinances, including heritage
conservation, and the provision of efficient maintenance and
security services. Its underlying goal is to enhance the CBD’s
commercial comparative advantage and strengthen its
contribution to the MIG region’s economic development.
This pedestrianization effort involves a number of
stakeholders with varying interests who interact with each
other in a process of planning and decision‐making. They
include property owners, local businesses, merchants,
heritage conservation advocates, business and civic
associations, hawkers, and local government itself. The
concerns, interests and inputs of these stakeholders need to
be rationalized and orchestrated if the objectives of
revitalization are to be achieved.
This require adequate funding an appropriate management
system, and a sound institutional structure.
Iloilo Downtown CBD Revitalization Project
PRE-FEASIBILITY STUDY
Specifically, the objective of the Iloilo CBD project pre
feasibility study is to identify and detail a neighborhood
that would become a model for redevelopment projects in
the downtown area. In the consultations with the project
stakeholder groups including the City officials, the Iloilo City
Heritage Conservation Council (ICHCC) and the private
business sector, the stakeholders however not only agreed
with the proposed Calle Real pedestrianization project but
also volunteered the redevelopment of additional nearby
areas as well. The following sites in Barangay Arsenal‐
Advana were thus deemed suitable for redevelopment
under this project.
1. Aldeguer Street, between Calle Real and Iznart Street.,
2. Calle Real (JM Basa St.) between Aldeguer and Arroyo
Streets, and
3. the old Central Market.
The measures proposed for the CBD redevelopment are
those that are perceived to be in a strategic position to
encourage pedestrian shoppers in the CBD. For the
pedestranization of Calle Real, the approach shall be a
combination of strategic zoning policy enforcement, urban
design promotion and infrastructure upgrading. For the
City Market block site, an “anchor building complex”
redevelopment project to replace the present under‐
utilized City market facility is being envisioned. The
pedestranization of Aldeguer Street will provide the
smooth connection between the enhanced commercial
activities expected in Calle Real and in the Central Market.
Once in place, the projects are expected to encourage the
establishments in the CBD to extend their business hours
beyond 6:00pm and to re‐attract the general public to
patronize the CBD once again.
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 Iloilo Downtown CBD Revitalization Project
PRE-FEASIBILITY STUDY
Overview

Objectives & Scope (cont’d)

Figure 5. The Project Sites.

Calle Real Pedestrian Boulevard

Aldeguer Street  Market
Figure 6. Vicinity of Project Sites.
City Market Redevelopment

Proposed Traffic Flow Route

Daytime Traffic Flow

Building Redevelopment

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 Iloilo Downtown CBD Revitalization Project
PRE-FEASIBILITY STUDY
Overview

Format of this Report

The detailed studies for the pedestrianization projects and

the Central Market projects are presented in the following
independent sections of this report. The pedestranization
projects are essentially City investments in the improvement
of City infrastructure and the urban environment. Its return
on investment is qulitative in nature including the creation of
goodwill. Hence for the Calle Real and Aldeguer Street
pedestrianization projects, the approach of this study is more
of the formulation of an Implementation Plan for them and
herein presented in Section 1: Calle Real & ALdeguer Street Figure X. Calle Real Pedestrianization Site.
Pedestrianization Project Implementation Plan Study.

The Central Market project idea meanwhile has the ability to

be a financially viable commercial project. For the Central
Market project, thus, a Pre‐Feasibility Study considering
market forces at work was prepared and presented herein in
Section 2: Iloilo City Central Market Pre‐Feasibility Study.

Figure X. Iloilo City Central Market Redevelopment Site.

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 Iloilo Downtown CBD Revitalization Project
PRE-FEASIBILITY STUDY
Overview

Development Strategy

Compared to master planned development projects in open This situation has necessitated the formulation of a strategy
lands, a revitalization project for existing built‐up areas, such to effect a change in attitudes among the property and
as a CBD, needs to work with what is there. Clearly, the business owners in the CBD who are the most important
implementation of a development strategy can only be as project stakeholders. This strategy has been formulated
good as the willingness of the players to support each other’s through a series of participatory focus group discussions
inputs. That being said, a possible model project in the involving these stakeholders themselves.
middle of the city with the highest degree of cooperation
among the stakeholders, if not with the least resistance, It is founded on the fact that it is easier to change people’s
towards physical revitalization shall be pursued. An area of attitudes if they can see for themselves the actual benefits
special consideration is the role and treatment of the of the changes that are being proposed, instead of merely
hawkers in the proposed project areas. Once accepted, the being told about these. It is also premised on the relative
redevelopment pilot project(s) is expected to act as catalyst success of small, incremental actions over large, complex
and example for the rest of the CBD. undertakings. Based upon these considerations, the
recommended phasing strategy for the Iloilo CBD
Most if not all of the property and business owners in the revitalization is as follows:
Iloilo CBD are not familiar with the concept and practice of
urban redevelopment. Some of those who were involved in
the earlier work of the ICHCC in formulating the architectural
conservation guidelines for the heritage buildings within the
defined heritage zone have the misconception that urban
redevelopment is the same as heritage conservation.
Because of this unfamiliarity of the true meaning of urban
redevelopment and of the benefits it can bring about,
coupled with the extreme conservatism of the Ilonggo
businessmen, it is not surprisingly that there is a prevailing
attitude of apathy, indifference, and even resistance, to the
idea.

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 Iloilo Downtown CBD Revitalization Project
PRE-FEASIBILITY STUDY
Overview

Development Strategy (cont’d)

• Start with the Street Market on Aldeguer Street, which

does not require any capital investment on the part of
private property and business owners. What is needed is
to organize the enterprises that would make up the
Street Market, and to mobilize the necessary support
services from the concerned city departments.

• Follow up the Street Market exercise with the Central

Market Development Project or, if there are encouraging
signs, to pursue the Project simultaneously with the
Street Market. In the case of the Central Market there is
Figure 7. A street in Moscow.
only one property owner that needs to be convinced –
the City Government. And because the City Government
is actually the principal proponent of CBD revitalization,
securing its approval and support is assured.

• Implement the pedestranization of Calle Real as a second

phase to the success of the Aldeguer Street Market. The
City initiatives on the improvement of the street scene
will spur the cooperation and support of the private
property and business owners. This however does not
discount the possibility of implementing this project
earlier, based on the interest of the private sector to
support and take on this project.

Some similar projects that have succeeded in other parts of

the world include pedestrianized streets in Moscow,
Brisbane, Shanghai and Macau. Figure 8. A street in Macau..

10

Overview
CBD Revitalization Components
Under this study, the CBD redevelopment effort for Iloilo
City will consist of two types of projects. One project will
involve the pedestrianization of a portion of two streets.
The other project looks to the redevelopment of a City‐
owned commercial site. Both projects are meant to
revitalize economic activities in the City as well as to
improve the environment. The projects are described
below.
Pedestrianization Projects
Aldeguer Street Market. This is project plainly provides for
a street bazaar which involves the closing down of
Aldeguer Street, from Iznart Street to Calle Real, to
vehicular traffic and setting up temporary stalls for a
variety of retail items for a specified period in a week. A
useful model for this is the night market in Divisoria Street
in Cagayan de Oro City which operates from 6:00pm to
3:00am on Friday and Saturday nights. In this case, the only
infrastructure investment of the city government was the
multi‐colored streetlights which were installed in the
middle of Divisoria Street.
Figure 9. Image of the Night Market at Aldeguer Street
Iloilo Downtown CBD Revitalization Project
PRE-FEASIBILITY STUDY
Calle Real (JM Basa), The Pedestrian Boulevard. The work
involves the initiative of both the City and the building
owners and shop owners. The City will commit to convert
the concerned stretch of Calle Real into one contiguous and
safe pedestrian promenade. This will include the provision
by the City measures for facilitating the sensitive supportive
activities to the project. These elements impact on the
private sector, as well as institutional service providers
(relocation and training of sidewalk vendors, clearing of
unsightly commercial signages and overhead utility cables,
rerouting of traffic, etc.). Based on the inputs of the City to
encourage the renewed interest of the public, the building
owners and shop owners are in turn expected to repair
and/or restore their buildings, modernize their services and
overall make their places attractive commercial spaces for
local shoppers as well as tourists. For the attention of the
concerned development funding agencies, it is felt that
private sector participation in the project can be catalyzed if
advantageous development fund lending windows can be
made available to them under the project.
Central Market Redevelopment
This component of the Iloilo CBD Revitalization Project
entails: a) particularly for its façade, the restoration and
rehabilitation of the historic two‐storey art‐deco Central
Market building, b) the construction of three new buildings
for office and residential units behind the existing historic
Central Market front building; c) the construction of a
parking building; and d) the introduction of internal roads
within the complex to improve not only the accessibility
within the project site but also to improve the traffic
condition in the surrounding neighborhood.
11

Overview
The Players in the Project
Upon initial review of the identified projects, it is clear that
a monolithic or “one‐size‐fits‐all” approach for the
financing of the CBD Revitalization Project is not advisable.
The different project types lend themselves to various
sources of financial schemes for its components.
Accordingly, private sector sources of investment funds for
the project shall be explored to various extants not only to
suit the projects, but also to reduce the burden on the local
government. The design of the projects will accordingly
contain features that promote opportunities for business
and commerce and which are expected to interest private
investors.
The nature of the revitalization projects will require the
cooperation of many concerned players. The success of the
CBD revitalization project hinges on the participation of the
public and private sectors in the project. The players and
their roles are described as follows:
The City. The proposed approach is for the public sector to
assume the role of a program director, doing what it needs
to do so that the other major stakeholders may be
encouraged to invest in the project.
An important tool to achieve cooperation will be a clearly
articulated policy framework from government including
the grant of a system of incentives (tax holidays, fee
discounts, etc.). In turn, the expected increase in business
volume in the plan area should ultimately impact on the
City income sources.
Iloilo Downtown CBD Revitalization Project
PRE-FEASIBILITY STUDY
Retailers. More than the physical improvement of their
existing businesses, improvement of merchandise mix,
displays and other marketing strategies need to be
employed to generate the renewed interest of the buying
public.
Building owners. They are caught in a vicious cycle. The age
and physical condition of their buildings require more funds
for upkeep and maintenance. But the very condition of the
buildings, lessen the desirability of high grade tenants to
locate there. As a result, rental rates are discounted
resulting in, less funds for upkeep and maintenance.
(Nominally the rental for ground floor space looks high but
the second and third floors are thrown‐in either for free or
nominal rental bringing the average rate much lower). The
availability of competitive and easy to access financing for
building redevelopment would be essential to the project
success. Accessible venture capital and loans may be a way
to fast track the projects.
Financial Institutions. Projects (buildings, etc.) are normally
evaluated for financing on a stand‐alone basis. Banks and
other financial institutions do not view these projects in
the context of an inter‐active whole picture. Financing of
entire districts has not been the modus of the industry.
Both the local government and institutional proponents
will require financial support for their respective projects.
This will be necessary for the main investment in physical
development.
New Investors. While the private‐public partnership (PPP)
approach to development assumes that strategic policy
considerations are set in place, financial incentives must be
available to private proponents as they participate in the
project.
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 Iloilo Downtown CBD Revitalization Project
PRE-FEASIBILITY STUDY
Overview

The Players in the Project (cont’d)

Hawkers. The proliferation of sidewalk vendors

contributes to the continuing deterioration of
the plan area. Properly managed, hawkers
contribute positively to the dynamism of a city.
Training and availability of finance through their
associations need to be addressed to upgrade
their economic condition.
CENTRAL BUSINESS DISTRICT REDEVELOPMENT PROJECT
METRO ILOILO-GUIMARAS ECONOMIC DEVELOPMENT COUNCIL (MIGEDC)

The real economic gains for MIGEDC and

specifically Iloilo City will be sustained mainly ILOILO CITY Undertakes traffic re-
routing, city sidewalk
improvement,
by the Business Sector (formal and informal) pedestrianization, hawker’s
stalls, street furniture,
traditionally operating in the area. In their case, landscaping, provision of
water, drainage & sewer
one way to induce them to participate in the CALLE REAL (J.M. BASA) lines. Cost shall be from
City budget. Expected
redevelopment project is the provision of a REDEVELOPMENT PROJECT result: Increased pedestrian
traffic, increased sales in
special lending window for those who support plan area.

the projects. In this regard, the prospects of

tapping ODA funds (for example, the Special
BUILDING OWNERS BUILDING TENANTS STREET HAWKERS
Purpose Vehicle of the Asian Development
Upgrade structures or demolish Experience increase in sales from Organized and trained
Bank) and micro‐finance resources would be an and build new following Heritage the increased pedestrian traffic.
Council guidelines. Convey this to building owners.
interesting addition to mainstream commercial
fund sources if only to encourage early starts
for the development of projects. This lending
LENDING AGENCY MICRO-LENDER
window will be welcome particularly for the
ASIAN DEVELOPMENT BANK
urban poor livelihood requirement within the LEGEND: Special purpose vehicle loan window as financing source
1. Building reconstruction fund;
Lends
project operations and which will be explored Repays
2. Locators short to medium term operations financing: &
3. Conduit lending through NGO/Financial Institution for hawkers micro-finance.

further in the continuing focus group

discussions. The flowchart outlines the two
categories of activities and the roles and
Figure 10. CBD Redevelopment Project Implementation Plan.
responsibilities within each.

13

Overview
Institutional Considerations
Implementing the Iloilo CBD Revitalization Program is a complex
task because of the many types of projects and the wide variety
of public and private stakeholders involved. Given the prevailing
circumstances in the Iloilo CBD, especially the absence of any
previous experience with downtown redevelopment among
these stakeholders, the government of Iloilo City will need to
take the lead in getting the program off the ground. Clearly the
continuing Revitalization Program for the entire CBD will
ultimately need the creation of a Downtown Project
Management Team.
In the formation of the team that will implement the strategy,
such a Team should be equipped to ably handle required public
and private activities. The public activities to be undertaken
primarily by the City include:
• Public outreach and inter‐departmental coordination
• Public improvements and incentives
• Redevelopment planning and developer recruitment
• Project review and approval
• Updating and enforcement of zoning and related
regulations
• Traffic management and on‐street parking
• Detailed planning and studies
The Private Activities, to be undertaken largely by private
business partners such as the Iloilo Retailers Association (IRA),
the Iloilo Chamber of Commerce and Industry (ICCI), and the
Iloilo Local Economic Development Council (ILED), include:
• Area management and programming
• Marketing
• Special events and communications
• Fundraising
• Education and advocacy
Iloilo Downtown CBD Revitalization Project
PRE-FEASIBILITY STUDY
To ensure that both categories of activities are properly
coordinated and synchronized, representatives from the Iloilo
City government and the private business partners will make
up the Downtown Project Management Team (DPMT).
The Downtown Project Management Team’s principal
responsibility is to coordinate the implementation of the CBD
Revitalization Program’s key business development strategies
which are as follows:
Product Readiness. The management of property
improvements and marketing tasks.
Customer Attraction and Expansion. Development of the
brand theme or identity, development and implementation of
marketing activities, including production of regular
downtown promotions.
Business Retention and Expansion. Establishment and
implementation of a Business Development Program to
promote opportunities, and provide assistance to existing as
well as prospective and start‐up businesses.
Business Attraction. The development and management of a
business recruitment campaign to fill up downtown vacancies
and to assist in clustering retail establishments in the core
downtown area.
On a broader scale, the idea of a Redevelopment Authority for
the implementation of future special projects is worthwhile
considering. This concept is further ventilated in the parallel
study for Capability Building under this package of studies.
14

Overview
Guiding Principles for Longer Term 
Redevelopment Activities
As mentioned earlier in this Report, the selected initial CBD
revitalization projects are expected to serve as models and
catalyze similar projects in other sections of the Iloilo CBD.
For the subsequent expansion, scaling up and longer term
implementation of the Iloilo CBD Revitalization Program, key
guidelines are proposed.
Implementing a successful downtown economic revitalization
program for Iloilo City will center on the CBD’s ability to offer
property owners, businesses, residents, and visitors an
environment different from and more inspiring than what
they can find elsewhere. The following guiding principles are
suggested to be considered throughout the redevelopment
process:
Brand yourself. The Iloilo CBD must perceive itself as a
product and market itself to compete with other nearby
business areas. Developing a brand theme or an identity
upon which all other initiatives are based – eg, logo, urban
design, signage, advertising, marketing collateral, website, etc.
– is a key step in marketing the CBD. Its heritage buildings are
a valuable asset and foundation for this identity. The bottom
line is that downtown Iloilo needs aggressive marketing to
residents, visitors and quality retailers promoting the Iloilo
CBD as a first choice for shopping and business location.
Iloilo Downtown CBD Revitalization Project
PRE-FEASIBILITY STUDY
Looks count. Downtown Iloilo must recreate itself as a
vibrant, clean and safe business area in the eyes of
prospective businesses and target markets, implementing
consistent design standards/signage, promoting infill
development and enhancing unattractive/obsolete structures.
The improvement of traffic flow, provision of parking, and
enhancement of the arcaded sidewalks will positively affect
the feeling of safety.
Cluster and focus. A critical component of retail development
is the creation of a compact, unified area with complimentary
businesses that benefit from each other’s sales, customers
and markets. This can be achieved by clustering – creating
mutual advantages in terms of pedestrian flow and shared
markets between businesses. Successful clustering is
dependent on having the appropriate mix of businesses that
generate market synergies and an uninterrupted grouping of
retail businesses that allow customers to and through the
entire area. Educating business and property owners about
the importance of using this business development tool is
critical. Iloilo City should also consider zoning and regulatory
measures to encourage continuous retail frontage and
discourage office users on the ground floors in the core
downtown blocks.
Clear location strategy. Related to the concept of clustering is
the need to follow a few basic rules‐of‐thumb regarding
successful business location in downtowns. These include:
15

Overview
Guiding Principles for Longer Term Redevelopment Activities (cont’d)
• scatter restaurants to help generate customer traffic in
hotspots throughout the area
• build on key anchors or traffic generators, such as the
Central Market, to attract complementary businesses
nearby
• group stores appealing to the same sub‐market and stores
with competitive merchandise
• use secondary locations for personal and professional
services – side streets or upper storeys
• intersperse stores with complimentary goods, eg, shoes,
apparel, jewelry
Walkable core area. To overcome existing negative perceptions
of downtown Iloilo, creating a safe, pleasant and convenient
atmosphere for pedestrians is a priority redevelopment
initiative. The relatively large scale of downtown Iloilo makes it
important to encourage pedestrian activity initially in a
particular core area (such as the stretch of Calle Real from
Aldeguer Street to Arsenal Street). Over time, this area can
spread out to include more blocks in all directions. This
guideline is directly linked to branding and clustering and
speaks to the need to call out in all possible ways Calle Real as
the retail focus, i.e., this is “the place” to shop in downtown
Iloilo.
Strive to be different. While shopping center developers and
national retailers strive to appeal to a wide market, they also
mimic what can be found in traditional shopping areas.
Downtown Iloilo’s historic character combined with its unique
merchants sets it apart from nearby shopping malls. One‐of‐a‐
kind unique specialty stores and restaurants initially should be
the focus of business recruitment efforts. This does not
preclude encouraging existing successful operations in the
country to open additional locations.
Iloilo Downtown CBD Revitalization Project
PRE-FEASIBILITY STUDY
Increase housing opportunities. A critical strategy in
support of retail vitality in the downtown core is to
encourage the addition of a substantial number of housing
units, especially affordable housing. Housing will
contribute to demand for additional shops, services and
home‐oriented products and food facilities. Housing in the
CBD will also provide the average downtown office
employees with the convenience and savings of living near
their place of work.
Know what you have to offer. One of the best strategies
for recruiting business prospects and developers is to be
able to provide an inventory of available real estate, and
better yet, be in a position to bring key properties to the
table. Redevelopment opportunity properties should be
ranked according to their potential for redevelopment or
locational, importance, categorized as a short‐term or
long‐term potential initiative and marketed via collateral
specification sheets.
Get the word out. Working with the local media to
highlight success stories and monitor new business and
construction/redevelopment through the Iloilo downtown
will help convince target markets that the Iloilo CBD is an
attractive and unique place to live, work, and play. Other
effective forms of communication include newsletters,
websites that keep potential locators up‐to‐date on
special events, and organizing a speakers’ bureau.
Maintaining strong lines of communication with area
residents and businesses will also be important.
16
 IMPLEMENTATION PLAN STUDY
Calle Real & Aldeguer Street Pedestrianization Project
 Table of Contents

Introduction 19

Technical Description of the Project

Existing Situation, Objectives & Proposed Development 
Process  20
Heritage Features & Development Components 21
Work Component 22
Master Plan 23
Program Implementation Budget 26

Financial Viability 27
 Calle Real & Aldeguer Street Pedestrianization Project
IMPLEMENTATION PLAN STUDY
Introduction

Iloilo’s CBD is typical of old business districts in the country. It

is plagued by outmoded infrastructure, congestion, pollution
and flooding. Due to the situation, most of its buildings and
neighborhood amenities are in decay. As such, the more
modern developments gravitate to the suburbs. To attract
the market, these developments are usually built out of a
scale that allows them to operate in self‐contained fashion.

The City of Iloilo realizes however that its CBD is a natural

resource in itself. Briefly, it has the locational advantage of
being close to the pier and public offices. It possesses the
unique Heritage commercial buildings of the city that reflects
its history and is sought by tourists. Finally, despite its Figure 1. Hawkers along Calle Real.
inconveniences, it is home to a significant population that is
the desired market of commercial projects.

For these reasons, a bold project to make the CBD a vibrant

and competitive area is deemed by the City. To this end, a
revitalization strategy and plan for the area is solicited. This
study deals with the initial phase effort, the pedestrianization
of Calle Real, for the City to consider and address. At the end
of the exercise, it is hoped that not only will business flourish
once more in the CBD, but there will be an image of the City
that will reflect its character and history and which its citizens
will be proud of.

Figure 2. Tight pedestrian traffic along sidewalks.

19

Technical Description of the Project
The Existing Situation and the Vision
The main area for pedestrianization development is a stretch
of Calle Real Street starting from Ledesma St./Arroyo Streets
(one end of Calle Real) up to Aldeguer Street (which is the
other street slated for pedestrianization). This stretch is
roughly 212 meters long with a Street carriageway width of
about 16 meters. In the middle of the street is a narrow
fenced island strip with standard street lamps distributed
along it. The middle of the stretch is bisected by Arsenal
Street and an alley that connects to Iznart Street. At present,
public fares together with private vehicles ply the stretch.
Compared to the busy Calle Real, Aldeguer is the smaller side
street that is not as congested. The Aldeguer Street project is
about 200 meters in length bounded by Calle Real and Iznart
Street. The pedestrianization of Aldeguer will require
comparatively less effort and facilities since it is meant to be
closed to traffic only for given periods of time. Under the
urbanization strategy of the City, the Aldeguer project is a
Street Market project that will be a venue for outdoor
bazaars on certain hours or days of the week.
Calle Real & Aldeguer Street Pedestrianization Project
IMPLEMENTATION PLAN STUDY
The Calle Real project will be the main pedestrian
boulevard while Aldeguer Street will play out its dual role
as a pedestrian route only at given times. Aldeguer Street
will be closed to traffic on appointed hours (Sundays or
nights as the case may be). This flexible marketplace will
require only the emplacement of traffic bollards and the
set up of temporary stalls that will provide the opportunity
for the City’s informal economy to work their trade.
The basic objective of the pedestrianization effort is to
bring the pace of passers‐by on the street to a level where
it is conducive for commerce especially retail sales. Hence,
the process call for a comfortable and safe setting for
pedestrians. For Calle Real and Aldeguer Street this will
entail the provision of appropriate paving work, upgrade of
utility features, provision of street furniture. In addition,
the enactment and application of specialized urban design
zoning policies as well as the implementation of supportive
programs and projects on environmental care, security
measures, traffic reroute and effective incentives (to
encourage concerned private sector interests to participate
in the project) will be necessary. The Calle Real project will
be the main pedestrian boulevard while Aldeguer Street
will be comparatively open to traffic as it plays out its dual
role as a pedestrian route only at given times. Aldeguer
Street will be closed to traffic on appointed hours (Sundays
or nights as the case may be). This flexible Aldeguer Street
marketplace will require only the emplacement of
temporary stalls that will provide the opportunity for the
City’s informal economy to work their trade.
20
 Calle Real & Aldeguer Street Pedestrianization Project
IMPLEMENTATION PLAN STUDY
Technical Description of the Project

Heritage Features & Development 
Components

The stretch of Calle Real and Aldeguer Street slated for

development has a high concentration of heritage buildings
in the CBD. Overall, twelve turn‐of‐the‐19thcentury office
buildings in Calle Real and five along Aldeguer Street have
been identified there by Iloilo City’s Heritage Conservation
group. See Figures 4 and 8 for a list of these heritage
buildings. Today these buildings are mostly in a state of
disrepair where only the ground level is commercialized.

The upper floors of most of these buildings are subject only

to limited use due to safety and utility limitation
considerations. While the physical development of the street
by the City will be the direct result of the pedestrianization
project, the restoration and improvement of the private
sector‐owned buildings along these streets is the
responsibility of the private sector who the City wishes to
influence and enjoin in the City revitalization objectives. The
presence of these Heritage treasures amidst the project site
are what will differentiate the CBD environment from the Figure 3. A heritage building at Calle Real.
competing new mall developments around that will attract
the tourists.

21

Technical Description of the Project
Work Component
Essentially, the work expected from the public sector for
this project are as follows:
• Rehabilitation and improvement of the arcade and city
sidewalks;
• Demolition of Calle Real’s center island and removal of
street lamps;
• Excavation and construction of service canal ways on
the street for underground utilities;
• Provision of public information and toilet stations,
vendors selling station facilities, sets of street furniture,
street lamps and signages as required.
In the case of Aldeguer Street, it will not require as much
work for utility upgrade and the provision of street
furniture since the commercial activities there is expectedly
light in nature with portable stalls only.
In addition there are parallel official activities that will be
necessary if the pedestrianization program is to succeed.
These activities are inherent for the City to do and are the
following:
Calle Real & Aldeguer Street Pedestrianization Project
IMPLEMENTATION PLAN STUDY
• Traffic reroute plan and designation of access
alternatives;
• Removal of sidewalk vendors who clog the arcades;
• Removal of undesirable billboards and illegal signages
on private buildings;
• Enactment of a City Urban Policy to enforce and effect
the pedestrianization concept inclusive of incentives and
disincentives to the concerned private sector for
upgrading their business assets and operations in line
with project objectives.
• Information and education campaign (IEC) and eventas
management for the area.
The following pages illustrate the physical plan and details
suggested for the pedestrianization projects.
22
 Calle Real & Aldeguer Street Pedestrianization Project
IMPLEMENTATION PLAN STUDY
Technical Description of the Project

Master Plan

Figure 4. Pedestrianization Plan.

Figure 5. View of Left Side of Calle Real.

Calle Real
23
 Calle Real & Aldeguer Street Pedestrianization Project
IMPLEMENTATION PLAN STUDY
Technical Description of the Project

Master Plan (cont’d)

Figure 6. Existing Condition.

Figure 7. Image of a Pedestrianized Calle Real.

Calle Real
24
 Calle Real & Aldeguer Street Pedestrianization Project
IMPLEMENTATION PLAN STUDY
Technical Description of the Project

Master Plan (cont’d)

Figure 8. Pedestrianization Plan.

Figure 9. Existing Condition.

Aldeguer Street
25
 Calle Real & Aldeguer Street Pedestrianization Project
IMPLEMENTATION PLAN STUDY
Technical Description of the Project

Program Implementation Budget CALLE REAL             

    No. of  Area  Total  Cost/sqm Total Cost 
units  Area 
Based on the physical plans, an indicative budget Items of Cost             
was prepared. The direct cost for the Calle Real              
project is shown in Table 1. Street Arcade    1 645 645 15,000 9,675,000
Street Sidewalk    1 823 823 15,000 12,345,000
Kiosk (large selling    19 12 228 15,000 3,420,000
The budgets for support activities and programs station) 
such as vendor relocation, signage dismantling Stall (Small selling    22 6 132 15,000 1,980,000
and traffic rerouting are additional costs and station) 
which will be estimated by the City. This can be Security and Tourist  1 12 12 17,500 210,000
City counterpart contribution if ever this is Information Station 
required under a special loan or a joint venture Streetlamps    20 1 20 40,000 800,000
arrangement for the development of the project. Portalets    4 4 16 30,000 480,000
Roofed Rest    4 30 120 15,000 1,800,000
Stations 
For Aldeguer Street project, the substantive              
costs will be more on continuing street             30,710,000
maintenance and clean‐up when the street              
reverts back for vehicular use after each Landscaping (potted greenery)  1 1 1 300,000 300,000
scheduled event. Electrical supply     1 1 1 1,000,000 1,000,000 *
Water supply    1 1 1 1,000,000 1,000,000
The summary of the indicative budget for the Waste Water Disposal Systems  1 1 1 1,000,000 1,000,000
Calle Real project is as follows: Garbage receptacles   1 1 1 50,000 50,000
Railings and chains    20 1 20 2,000 40,000
Bollards    60 1 60 5,000 300,000
             
            3,690,000
             
        TOTAL PROJECT  34,400,000
COST 
* Total cost for electrical supply is PhP 2 million if inclusive of underground utilities.

Table 1. Calle Real Budget Summary.

26

Financial Viability
The most important cost item for the redevelopment of the
district would be in the upgrading of still serviceable
buildings and the demolition and erection of new
structures along the heritage guidelines. These activities,
which will be undertaken by the building owners, will
usually start to come into play at a later stage of the
process after the local government has already invested in
the project. At that stage, the commitment of government
to the inner city redevelopment process, budgets have
been expended and results of the pedestrianization are
already beginning to be felt. On the part of government, it
is recommended that the cost of the project as laid out in
the program budget be taken from the city budget.
The first sector to feel the impact of the program will be
the street hawkers. They will need to be organized,
provided with small loans and enticed to move from their
present locations to the kiosks and arcades to be provided
by the program. We recommend that this activity be
undertaken via a non government organization (ex: Taytay
sa Kauswagan). Financial support will have to be in two
forms, some grant arrangement or a comfortable spread
on interest yield and a financing pool will have to be set up.
Calle Real & Aldeguer Street Pedestrianization Project
IMPLEMENTATION PLAN STUDY
The second sector which will feel the impact of the program
will be locators engaged in retail activities along the section
of the project area. As more pedestrians are drawn to the
area, there should be incremental increases in sales volume.
Depending on the type of clients who will now frequent the
area, there will be changes in the merchandise mix on the
part of the retailer. The level of financing requirement and
may be difficult to quantify. But inventory loans for retooling
to meet the new and changing market will have to be
considered.
The last group to react will be the building owners. First,
lead projects will have to be identified for upgrading and
new construction. A suggestion by ILED to attract a botique
hotel in the area may be a major catalyst for the
redevelopment effort. Medium to long term financing at
competitive rates would be a strong incentive to the building
owners. Considering that only short to medium term
financing is currently available at commercial rates, there is
little incentive to upgrade or consider new construction.
However, potentially, 10 buildings or a potential 100,000
square meters of space could be financed over a reasonable
time frame. At current values of construction (PhP 30,000/
square meter) this would represent a potential financing
level of PhP 3 billion.
A system of flowing low cost, long term funds through the
commercial banking system from the multilateral
institutions will have to be set up for program support.
27
PRE-FEASIBILITY STUDY
Iloilo City Central Market
 Table of Contents

Technical Description of the Project

Existing Situation 30
Proposed Land Use 31
Architectural Design & Building Specifications 32
Master Plan & Operating Strategy 33

Financial Viability 38

Conclusion & Next Steps 40

Annexes 41
 Iloilo City Central Market
PRE-FEASIBLITY STUDY
Technical Description of the Project

Existing Situation

The site is a market complex owned by Iloilo City. It consists

of a Heritage building at the façade side and an industrial
type market complex (behind the Heritage building)
consisting of interconnected shops and stalls despite the
varied independent structures that house them. The site is
less than 1.4 hectares in total size and which 5‐sided shape is
bounded by 4 City streets (Iznart, Aldeguer, Rizal and Guanco
Streets).

Figure 1. Vicinity Map. Figure 2. Site Limits.

30

Technical Description of the Project
Proposed Land Use
In line with the CBD redevelopment thrust of the City, the
renovation of this City asset is expected to promote
business in the CBD. Considering the high value of the site
which is located in the center of the City, a higher density
arrangement is proposed for its development. Accordingly,
the land use deemed appropriate for the project is
essentially commercial in nature.
Specifically, the land use components would be:
Iloilo City Central Market
PRE-FEASIBLITY STUDY
a) Commercial arcade for the existing Heritage building;
b) Office/residential towers and a parking building linked by
a podium for the main area behind the Heritage
building;
c) Wet market and dry goods area under the podium;
d) Open public promenade adjacent to the Heritage
building; and
e) Miscellaneous commercial stall strip along Aldeguer and
Guanco strips.
Figure 3. View along Rizal Street.
31

Technical Description of the Project
Architectural Design & Building 
Specifications
On the whole, the project shall be modern with a token Heritage
theme. The existing Heritage building shall be restored while
being equipped with the latest facilities under an adaptive
commercial reuse approach. Effectively, the face of the
development shall be the restored Heritage building and which
use shall be integrated with the functions of the other buildings
in the development.
The other buildings shall be modern with basic form and color as
much as possible so that it will possess a skyline and surfaces
that do not distract from the theme of the Heritage façade at
the front. The proposed new building towers and the parking
building in the site shall be medium rise (maximum 6 storeys) in
height that considers current market demand and to conform in
a way with the dominant city skyline form in the CBD.
The buildings shall be light structures as much as possible to
economize on the cost of foundations and to speed up the
construction. Materials shall be durable low maintenance
materials with design and finishing details that are modern and
competitive with the specifications of new commercial areas
today.
Whenever possible Green Architecture discipline shall be applied
to the building design so that natural light, natural ventilation,
access innovations (ramps, shaded paths, magnets), public
visibility features (that promote product displays as well as area
security) and promenade greeneries which become efficient
components of the project design and which makes it
sustainable.
Iloilo City Central Market
PRE-FEASIBLITY STUDY
Strategic areas on the floor of the podium in particular shall
be finished in glass blocks if only to permit the wet market
below to avail of natural lighting during the daytime.
The design of the buildings and other built up structure
shall provide for and integrate all necessary technical
support systems (mechanical equipment, electrical
equipment, telecommunication equipment, security
systems, etc.) including backup utilities (generator, pumps,
fire protection, etc.). The rentable/saleable units within
each building shall however be turned over bare to the
respective tenants or buyer owners.
The area beneath the podium shall be the wet market area
which will be provided with individual steel framed stalls
for use by the various vendors to be accredited. The wet
market paving shall be low maintenance in design complete
with effective drain slopes and grates, collector pipes, and
mechanical ventilators and water treatment receptacle to
receive and sanitize wet market effluence and odor.
The open promenade behind the Heritage building and the
driveway system which are also on the ground level shall be
appropriately paved and provided with traffic bolasters,
plaza lights, public art and utility tapping points (for the
general public and the commercial stall holders of comfort
stations respectively) as required. For each center of
activity within the complex and for the buildings, adequate
and modern public toilets shall also be provided in strategic
areas.
32
 Iloilo City Central Market
PRE-FEASIBLITY STUDY
Technical Description of the Project

Master Plan & Operating Strategy

The mixed‐use operations in the project complex, seeks to

provide the situation that will make the Iloilo Central
Market project a destination place. At ground level, the
salient commercial activities shall involve arcade boutiques
(within the Heritage Building, the shops around the
Promenade and the shops along Aldeguer and Guanco
Streets), wet and dry goods section (under the Podium),
and the vendor services that will be accredited to to stay in
the Promenade area.

At ground level as well will be the access stair to the

Podium level, parking ramps, the elevator lobbies of the Figure 4. View of the promenade from the podium.
towers, the driveway system within the complex and the
utilities for water treatment and sump equipment.

On the Podium level will be the second floor of the towers

and the Parking Building which will be commercial in
nature. The accredited vendor stalls of vendors which will
also be doing lighter commercial activities. The upper
floors of the towers shall be either residential or office
facility in nature. The middle two floors of the parking
building shall be parking while its upper two floors shall be
for large office space requirement such as call center and
BPO operations.

Please see the following figures for the detailed graphic Figure 5. Wet market.
idea of the Central Market building complex concept.

33
 Iloilo City Central Market
PRE-FEASIBLITY STUDY
Technical Description of the Project

Master Plan & Operating Strategy (cont’d)

Figure 6. Ground Level Plan. Figure 7. Podium Level Plan. Figure 8. 3rd – 4th Level Plan. Figure 9. 5th – 6th Level Plan.

Figure 10. Diagrammatic Section.

Typical Building Plans
34
 Iloilo City Central Market
PRE-FEASIBLITY STUDY
Technical Description of the Project

Master Plan & Operating Strategy (cont’d)

Figure 11. Aerial Perspective.

Typical Building Plans 
35
 Iloilo City Central Market
PRE-FEASIBLITY STUDY
Technical Description of the Project

Master Plan & Operating Strategy (cont’d)

Figure 12. New Arcaded Shops.

Figure 13. Outdoor Commercial Activities at Podium Level.

Typical Perspective Drawings
36

Technical Description of the Project
Master Plan & Operating Strategy (cont’d)
Component  Required  Compliance
A key consideration in the allocation of saleable area is the  
issue of parking space. The project design considered the
 
parking requirement of the National Building Code for
commercial projects. The project provides internal parking  
spaces in two floors of one of the buildings and part of the  
wet market area. Obviously, more spaces for the wet
market would be possible if the traditional curbside parking  
currently accepted in the City would be counted as part of
the parking spaces for the project.
 
The resulting design will generate 240 parking slots within
the building premises while keeping the 40 curbside slots
bringing the total to 280 parking spaces. Against a
requirement of 246 slots, the design shall have a remaining
36 spaces on curbside for public parking.
However, should it be decided that there should be more  
wet market stalls, parking allocated to the ground floor will  
have to be sacrificed.
 
Curbside Spaces  40
 
EXCESS PARKING SLOTS  36
Iloilo City Central Market
PRE-FEASIBLITY STUDY
PARKING REQUIREMENT & COMPLIANCE 
 
Ground Floor Parking     176 
Ground Floor Development   67   
Heritage Market Building   19   
Bldg 1,2,3 (G/F and Podium)   24   
Podium   28   
Sub‐Total  138   
Parking Building     
Ground Floor   
Podium Floor  8   
3rd‐4th Floor    64 
5th‐6th Floor  27   
Bldg. No. 1 ‐ Office/Residential   18   
Bldg. No. 2 ‐ Office/Residential   24   
Bldg. No. 3 ‐ Office/Residential   30   
Sub‐Total  107  240 
 
GRAND TOTAL    246  280 
 
Table 1. Parking Requirement & Compliance.
37
 Iloilo City Central Market
PRE-FEASIBLITY STUDY
Financial Viability

The project design calls for the upgrading of the Heritage

building into specialty retail shops, creating an open
promenade within the central core of the property,
providing sufficient space for the continued operation of
the wet and dry markets, construction of three medium
rise towers and a parking cum commercial mixed use
spaces. The total floor area to be generated by the project
is estimated at 41,200 square meters. Net useable space of
24,650 square meters is expected to be generated.
Common areas and open space is projected at 16,150
square meters. The development is quite generous in the
open space allocation at a ratio of 60:40 on the commercial
spaces and 75:25 for the buildings.
SUMMARY OF FINANCIAL HIGHLIGHTS 
E‐Vat   142,168,405 
Net Sales   938,311,470 
Total Construction Cost   724,451,000 
Net Profit Before Interest & Taxes   168,268,926 
Interest   26,000,000 
Net Before Taxes   142,268,926 
 
Land Lease Payments  45,591,544 

Despite the amount of open space allocated for the project, Table 2. Summary of Financial Highlights.
the financial picture shows the likelihood of positive
revenue streams. Should more space be useable, the
financial picture for the project will improve even further.

38

Financial Viability
For purposes of this study, the following major assumptions
were adopted:
1. The land of the Central market is not for sale. The City
shall issue a contract to the winning bidder for long
term lease of 50 years.
2. The annual lease rate is set at four (4%) percent of
current zonal valuation of P18,000 per square meter.
3. The annual lease payments were taken over an eight
year stream and brought to the present value at a
fifteen (15%) rate.
4. Lease payments beyond the development period will
be billed to the unit buyers and tucked into their
common area dues. Without escalation this would be
an additional P4.00 per square meter per month. This
would be continuing lease income for the City of P11
million per year over the life of the lease. Escalation
can be built into the sales contract of the developer to
the unit buyer.
Iloilo City Central Market
PRE-FEASIBLITY STUDY
5. All useable space would be for sale under a
condominium certificate of title including market stall
spaces and parking slots.
6. All current market stall renters will be accommodated
in the new facility. They will have to purchase the
leasehold rights over the new stalls.
7. The development program for the entire project is
within an eight (8) year time frame for sales,
construction and turnover.
8. Projected selling prices are lower than Metro Manila
levels.
9. Construction costs are based on Metro Manila data.
10. Two access roads are to be built for the project. First
will be a centrally located driveway for customer
loading and unloading. A second will access the ramp
to the parking building.
39
 Iloilo City Central Market
PRE-FEASIBLITY STUDY
Conclusion & Next Steps

The Iloilo City business groups consulted for the

formulation of the Central Business District Re‐
development Project were almost unanimous in their
observation that the City must take the first steps in the
program is the private sector is to follow suit. Clear signals
must be sent out by the City that it means business and is
concerned about the deteriorating state (physical and
economic) of the CBD. They were also in agreement that
the Central Market Project would be the sounding bell for
the start of the process. In fact, the project was pursued
vigorously by the business sector as cornerstone for the
redevelopment effort.

Table 14. Consultation with Central Market Stakeholders.

40
 Iloilo City Central Market
PRE-FEASIBLITY STUDY
Annexes
METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL
ILOILO CENTRAL BUSINESS DISTRICT REHABILITATION
CENTRAL MARKET REDEVELOPMENT

PROJECTED INCOME STATEMENT  SALES ESTIMATE 

SALES
Ground Floor Development 207,565,050
Ground Floor Parking 87,900,000
Heritage Market Building 60,336,000
Bldgs 1,2,3 (G/F and Podium) 75,363,750
Podium 85,123,500
Parking Building  183,211,250
Bldg. No. 1 ‐ Office/Residential Block 86,568,750
Bldg. No. 2 ‐ Office/Residential Block 115,425,000
Bldg. No. 3 ‐ Office/Residential Block 141,075,000
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
Total Sales 1,042,568,300
E‐Vat ‐ 12% 142,168,405
GROSS SALES 1,184,736,705
Less:      E‐Vat ‐ 12% 142,168,405
              Selling Expense ‐ 10% 104,256,830
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
Total Deductions 246,425,235
NET SALES 938,311,470
CONSTRUCTION COST
Demolition & Haul Out 6,220,000
Ground Floor Development 121,129,000
Heritage Market Building 8,799,000
Bldgs 1,2,3 (G/F and Podium) 63,140,000
Podium 77,385,000
Parking Building  244,198,000
Bldg. No. 1 ‐ Office/Residential Block 63,180,000
Bldg. No. 2 ‐ Office/Residential Block 63,180,000
Bldg. No. 3 ‐ Office/Residential Block 77,220,000
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
Total Constuction Cost 724,451,000
NET PROFIT BEFORE LAND LEASE 213,860,470
Land Lease Payments (Total Building Footprints) 45,591,544
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
NET PROFIT BEFORE INTEREST & TAXES 168,268,926
INTEREST 26,000,000
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
NET BEFORE TAXES 142,268,926
INCOME TAX 49,794,124
‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐ Annex 1. Income Statement.
NET PROFIT AFTER TAX 92,474,802

Income  Statement
41
 Iloilo City Central Market
PRE-FEASIBLITY STUDY
Annexes

METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL
ILOILO CENTRAL BUSINESS DISTRICT REHABILITATION
CENTRAL MARKET REDEVELOPMENT

Net  Unit Size  No of Units  Selling in 

SALES Floor  Unit Sales Total Sales
Area SqM

Ground Floor Development 5,391 38,500 207,565,050

Ground Floor Parking 2,198 40,000 87,900,000
Heritage Market Building 1,508 40,000 60,336,000
Podium 2,211 38,500 85,123,500
Bldgs 1,2,3 (G/F and Podium) 1,958 38,500 75,363,750
Parking Building  2 183,211,250
Podium Space 608 38,500 23,388,750
Parking Slots (2F‐3F) 800 40,000 32,000,000
Office Residential (4F‐5F) 2,691 47,500 127,822,500
Bldg. No. 1 ‐ Office/Residential Block 1,823 47,500 86,568,750
Bldg. No. 2 ‐ Office/Residential Block 2,430 47,500 115,425,000
Bldg. No. 3 ‐ Office/Residential Block 2,970 47,500 141,075,000
 ‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐‐
Total Sales 1,042,568,300

Annex 2. Schedule of Sales.

Schedule of Sales
42
 Iloilo City Central Market
PRE-FEASIBLITY STUDY
Annexes
METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL
ILOILO CENTRAL BUSINESS DISTRICT REHABILITATION
CENTRAL MARKET REDEVELOPMENT

FINANCIAL PLAN % Sold Year 1 % Sold Year 2 % Sold Year 3

Construction Cost
Ground Floor Development 60%         72,677,400 40%         48,451,600
Heritage Market Building 60%           5,279,400 40%           3,519,600
Bldgs 1,2,3 (G/F and Podium) 60%         37,884,000 40%         25,256,000
Podium 30%         23,215,500 40%         30,954,000 30%         23,215,500
Parking Building 
Bldg. No. 1 ‐ Office/Residential Block 30%         18,954,000 30%         18,954,000 30%         18,954,000
Bldg. No. 2 ‐ Office/Residential Block 30%         18,954,000
Bldg. No. 3 ‐ Office/Residential Block
Sub‐Total Construction Cost      158,010,300      127,135,200         61,123,500
Marketing         11,411,507         14,886,039         21,146,015
Leasehold Advance & Annual Payments         43,833,600
Total Project Outflows      213,255,407      142,021,239         82,269,515

Less Pre‐Selling Inflows
Ground Floor Development 30%         62,269,515 30%         62,269,515 40%         83,026,020
Heritage Market Building 20%         12,067,200 30%         18,100,800 30%         18,100,800
Bldgs 1,2,3 (G/F and Podium) 30%         22,609,125 30%         22,609,125 40%         30,145,500
Podium 10%           8,512,350 20%         17,024,700 20%         17,024,700
Parking Building 
Bldg. No. 1 ‐ Office/Residential Block 10%           8,656,875 20%         17,313,750 30%         25,970,625
Bldg. No. 2 ‐ Office/Residential Block 10%         11,542,500 20%         23,085,000
Bldg. No. 3 ‐ Office/Residential Block 10%         14,107,500

Total Pre‐Selling Inflows      114,115,065      148,860,390      211,460,145

NET PROJECT REQUIREMENT       (99,140,342)           6,839,151      129,190,631

Equity Inflow 23%         25,000,000                       ‐                       ‐

Loan Drawdown 77%         85,000,000           5,000,000                       ‐
Cummulative Balance         10,859,659           9,198,810      129,889,440
Interest            8,500,000           8,500,000           9,000,000
Loan Repayment                       ‐                       ‐         90,000,000
Ending Loan Balance         85,000,000         90,000,000                       ‐

Cash Balance           2,359,659              698,810         30,889,440 Annex 3. Financial Plan.

Financial Plan
43
 Iloilo City Central Market
PRE-FEASIBLITY STUDY
Annexes
METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL
ILOILO CENTRAL BUSINESS DISTRICT REHABILITATION
CENTRAL MARKET REDEVELOPMENT

FINANCIAL PLAN % Sold Year 4 % Sold Year 5 % Sold Year 6

Construction Cost
Ground Floor Development
Heritage Market Building
                                                                      ‐
Podium
Parking Building  30%         73,259,400 30%         73,259,400
Bldg. No. 1 ‐ Office/Residential Block 10%           6,318,000
Bldg. No. 2 ‐ Office/Residential Block 30%         18,954,000 30%         18,954,000 10%           6,318,000
Bldg. No. 3 ‐ Office/Residential Block 30%         23,166,000 30%         23,166,000
Sub‐Total Construction Cost         25,272,000      115,379,400      102,743,400
Marketing         12,453,913         12,228,070         10,626,338
Leasehold Advance & Annual Payments
Total Project Outflows         37,725,913      127,607,470      113,369,738

Less Pre‐Selling Inflows
Ground Floor Development
Heritage Market Building 20%         12,067,200
                                                                      ‐
Podium 30%         25,537,050 20%         17,024,700
Parking Building  10%         18,321,125 20%         36,642,250 30%         54,963,375
Bldg. No. 1 ‐ Office/Residential Block 20%         17,313,750 20%         17,313,750
Bldg. No. 2 ‐ Office/Residential Block 20%         23,085,000 20%         23,085,000 20%         23,085,000
Bldg. No. 3 ‐ Office/Residential Block 20%         28,215,000 20%         28,215,000 20%         28,215,000

Total Pre‐Selling Inflows      124,539,125      122,280,700      106,263,375

NET PROJECT REQUIREMENT         86,813,213         (5,326,770)         (7,106,363)

Equity Inflow                       ‐                       ‐

Loan Drawdown
Cummulative Balance      117,702,653      112,375,883      105,269,520
Interest                        ‐                       ‐                       ‐
Loan Repayment                       ‐                       ‐                       ‐
Ending Loan Balance                       ‐                       ‐                       ‐

Cash Balance      117,702,653      112,375,883      105,269,520 Annex 4. Financial Plan.

Financial Plan
44
 Iloilo City Central Market
PRE-FEASIBLITY STUDY
Annexes
METRO ILOILO ‐ GUIMARAS ECONOMIC DEVELOPMENT COUNCIL
ILOILO CENTRAL BUSINESS DISTRICT REHABILITATION
CENTRAL MARKET REDEVELOPMENT

FINANCIAL PLAN % Sold Year 7 % Sold Year 8 % Total Sales Value

Construction Cost
Ground Floor Development 100%      121,129,000
Heritage Market Building 100%           8,799,000
                                                                      ‐
Podium 100%         77,385,000
Parking Building  30%         73,259,400 10%         24,419,800 100%      244,198,000
Bldg. No. 1 ‐ Office/Residential Block 100%         63,180,000
Bldg. No. 2 ‐ Office/Residential Block 100%         63,180,000
Bldg. No. 3 ‐ Office/Residential Block 30%         23,166,000 10%           7,722,000 100%         77,220,000
Sub‐Total Construction Cost         96,425,400         32,141,800      718,231,000
Marketing           7,639,975           5,074,975         87,930,455
Leasehold Advance & Annual Payments         43,833,600
Total Project Outflows      104,065,375         37,216,775      849,995,055

Less Pre‐Selling Inflows
Ground Floor Development 100%      207,565,050
Heritage Market Building 100%         60,336,000
                                                                      ‐
Podium 100%         85,123,500
Parking Building  20%         36,642,250 20%         36,642,250 100%      183,211,250
Bldg. No. 1 ‐ Office/Residential Block 100%         86,568,750
Bldg. No. 2 ‐ Office/Residential Block 10%         11,542,500 100%      115,425,000
Bldg. No. 3 ‐ Office/Residential Block 20%         28,215,000 10%         14,107,500 100%      141,075,000

Total Pre‐Selling Inflows         76,399,750         50,749,750      879,304,550

NET PROJECT REQUIREMENT       (27,665,625)         13,532,975

Equity Inflow
Loan Drawdown
Cummulative Balance         77,603,895         91,136,870
Interest                        ‐                       ‐         26,000,000
Loan Repayment                       ‐                       ‐
Ending Loan Balance                       ‐                       ‐

Cash Balance         77,603,895         91,136,870 Annex 5. Financial Plan.

Financial Plan
45
 CDIA-MIG Team

Team Leader: DR. NATHANIEL VON EINSIEDEL 
 
PRE‐FEASIBILITY  
Sub‐Team Leader: MR. LEON MAYO 
Investment Planning Specialist: MR. ELPIDIO DAMASO
Costing Engineer: MS. MIRIAM TAMAYO
Architectural Designer: MS. DEANNA SANTOS 
MR. NICASIO ESPINA 
MR. JULIUS GARRIDO 
MS. JAYCEE GOPEZ 
MR. WILFREDO SY 

INVESTMENT PLANNING  
Sub‐Team Leader: MR. JOSE ANTONIO LEAGUE 
Business Development 
MS. ELIRINE SIWA 
Specialist:

CAPACITY BUILDING  
Sub‐Team Leader: MS. VICTORIA DE VILLA 
Local Development Specialist: MS. RASHEL PARDO
 
LOCAL COUNTERPART  
Business Development Advisor: MR. ANGEL DE LEON