Cebu Holdings to develop residential project in Cebu

Ayala Land affiliate Cebu Holdings Inc. (CHI) will undertake the development of a residential project in the northern part of Cebu with a local partner, a company official informed the Philippine Stock Exchange (PSE).

In an amended disclosure yesterday, CHI assistant corporate secretary Renan Osero said the project "will set another trend in property development in Cebu and cater to a broad market range."

"It is the company’s answer to the clamor of the Cebu market for a residential project that will truly address their needs," he added.

CHI withdrew its earlier disclosure on the project since " there are certain conditions precedent to be resolved prior to the execution of the project."

"However, there are things that need to be done in the next few months before the final document can be perfected and signed," Osero said.

CHI earlier disclosed that it has signed a joint venture agreement with Coastal Highpoint Ventures Inc. for the development of a master-planned residential community in Cebu.

The project, considered as the most innovative residential project to be developed in Visayas and Mindanao, will consist of high-end and affordable lots in a 46 hectare-property located in Catarman, Liloan, Cebu.

"A distinctive neighborhood in this exclusive community is reserved for those who love seaside living, in homes with private amenities and terraces overlooking the sea channel between Liloan and Mactan. This luxurious community will offer unlimited lifestyle options within an exclusive and affluent neighborhood," CHI said.

CHI’s first project is the Cebu Business Park – the largest integrated prime business district in Cebu, with Ayala Center as the centerpiece.

Its other projects include the Cebu Holdings Center, the company’s first office condominium and the Ayala Life-FGU Center Cebu, a partnership with Ayala Life Assurance Co. Inc. and FGU Insurance Corp.

CHI also pioneered the development of high-rise residential condos in Cebu with Park Tower One and Park Tower Two. The company has undertaken another project in partnership with ALI – the City Sports Club Cebu – an exclusive urban resort equipped with state-of-the-art health and fitness equipment.