Ayala Center revenue up 19% to P696 B in 2009

CEBU, Philippines - Ayala Center Cebu, the shopping and leisure component of Cebu Holdings Incorporated, registered a 19 percent growth in total revenue in 2009.

“We are happy to note that the mall registered a positive sales growth last year despite the slowdown in economic activity,” CHI president Francis O. Monera said.

The shopping and leisure mall generated a total revenue of P696.77 million, which is 19 percent higher than the 2008 level.

“This was due to higher rental rates and sales per square meter and the operation of The Terraces. We are also proud to note that the grand launch campaign of The Terraces also gained special recognition from the International Association of Business Communicators, winning a Philippine Quill Merit Award in Communication Management,” Monera said.

By the 4th quarter of last year, Ayala Center also launched the Active Zone, formerly the Ayala Food and Entertainment Center. This specialty zone provides more offerings for the growing interest of Cebuanos in fitness and having an active lifestyle.

By the end of 2009, the Active Zone was 75 percent leased out, Monera reported.

According to Monera, with all the enhancements to the mall, carpark usage also grew by 49 percent and average daily foot traffic grew by 11 percent.

Likewise, its subsidiary Cebu Property Ventures Development Corporation (CPVDC) retail project, called “The Walk” also registered 93 percent leased out after its first year of full operation in 2009.

This retail facility located at Asiatown IT Park combines a strong mix of affordable dining options and convenient services, and has become a favorite hangout at the cyberpark.

Because of the positive performance of these two retail component of CHI, Monera said the company will start another expansion project of Ayala Center early next year, to develop the phase-2-B of the shopping mall, which will incur the company at least P2 billion capital expenditure.

The project that will utilize the South Surface Parking will add shopping spaces for the mall.

Overall, the Ayala Group in partnership with its affiliate CHI expressed its confidence in Cebu by pouring capital expenditure of about P2 billion each year, starting this year.

Cebu’s economy is vibrant, relative to have CHI is doing, and the retail sector performing well. Also, Cebu is very attractive for BPO investors,” said Ayala Land Inc. (ALI) president Antonino T. Aquino.

Aside from the expansion of the Ayala Center Cebu, which will start early next year, the Group has also line up several residential-condominium projects to be built in Asia Town IT Park, and the Cebu Business Park, starting this year.