Ayala Land honcho vows more investments in Cebu

Impressed by the economic vitality of Cebu amid the depressed economic global landscape, Ayala Land Inc. (ALI) honcho Fernando Zobel de Ayala vows to invest on more projects in Cebu.

Zobel said ALI is constantly looking for opportunities to build more projects in Cebu, after all the company's affiliate Cebu Holdings Inc. (CHI) have successfully transformed Cebu's skyline in 20 years.

"There will be more to come," Zobel said mentioning the successful turnout of CHI's newest residential project in Liloan, the seaside posh resident development called Amara.

Zobel, together with top executives of ALI were in Cebu Monday, to officially launch the newly opened The Terraces in Ayala Center, and the re-opening of the re-furbished Cebu City Marriott Hotel, which is developed by the Ayala Hotels Inc., and the 20th anniversary celebration of CHI.

In an interview, Zobel said that Cebu offers opportunity for new developments. Aside from pursuing development plans for the company's total land bank in Cebu, he said ALI together with CHI is still looking for prospects to increase its land ownership in the metropolis.

Zobel, however, refused to divulge details on the company's expansion plans in Cebu, whether to prioritize commercial or retail developments over residential projects, including its plant to acquire part of the South Road Properties (SRP).

"I still remember vividly the bold move that we made in Cebu exactly 20 years ago. We were going through great deal of political turbulence in the country when the Club Filipino de Cebu was going to be bidded out. The investment was significant and was our largest outside Manila," Zobel said referring to the first entry of ALI to Cebu 20 years ago.

"Our work is far from over. We will constantly be looking at ways to nurture and enhance this development," Zone said.

 He mentioned the company's successful positioning in creating the largest cyber park in Cebu, the Asia Town I.T. Park.

"This [Asia Town IT Park] development has brought in growth and employment not only for the local economy but for the entire Visayas-Mindanao region as well," he said.

Over the span of two decades the Ayala Land Inc. affiliate had already invested over P10 billion for Cebu, in developing several projects such as the 50-hectare Cebu Business Park (CBP), the 24-hectare Cebu Asia Town IT Park, Cebu City Sports Club, Condominiums, and the upscale Amara, a seaside residential project in the Northern part of Cebu in Lilo-an.

The year 2008 had been a "great" year for CHI, as the company raked the highest financial performance history, said CHI president Francis O. Monera.