Ayala Land, CHI to invest P5B for projects in Cebu

CEBU, Philippines - Ayala Land Inc., (ALI) together with its affiliate Cebu Holdings Inc. (CHI) announced to spend at least P5 billion in Cebu this year, for a series of commercial, residential and retail developments.

This is on top of the company’s P14 billion investment it spent for Cebu in the last three years, said ALI president Antonino T. Aquino.

In an interview, Aquino said this fresh investment for Cebu for 2013 is jumpstarted by the establishment of ACC (Ayala Center Cebu) Corporate Center, a mid-rise mixed-use building to be located on the western side of the ACC Superblock and is adjacent to the existing mall.

The ACC Corporate Center, the first project of the ALI and CHI this year, will have 12 office levels, two floors for retail, and six levels of parking space.

With this project, ALI and CHI will spend about P1.6 billion, and that completion of the building is set on the second quarter of 2015.

Other projects on the pipeline for Cebu this year, is the introduction of another residential project, while the existing condominium developments by its three brands, (Ayala Premier, Avida, and Alveo are almost sold out.

What is definite, he said is that the company is going to introduce more residential project follow through in the next few months. “Our three brands here are selling very well,” Aquino said adding that the company is going to take advantage of its niche saying “One unique element [of our projects] is they’re already right in the middle of a thriving community.”

Aside from the opening of the P2.5 billion expansion of the Ayala Center which is scheduled to open by December of this year, Aquino said the Ayala-controlled real estate developer is also planning to build additional retail projects, it may be located at the Cebu IT Park.

However, he said conceptualization of the upcoming retail development project, is still ongoing, but it must be announced by the company within the year.

On the other hand, he said the ACC Corporate Center is design as an integrated part of the mall, which currently has four levels of retail, through a connected retail and parking podium.

The project is envisioned to be a Grade-A building, which will cater to the office space requirement of BPO (Business Process Outsourcing) locators and will complete the “Live, Work, and Play” lifestyle of the mixed-user super-block. The upper floors of the building will be dedicated to office spaces while the spaces at the podium level will be allotted for retail establishments.

While the 52-hectare Cebu Business Park (CBP), and the 24-hectare Cebu IT Park, which developments are now called “Cebu Business District”, is almost full, CHI chief financial officer (CFO) Rico Manuel said that the company will be announcing another developmental projects to add on to the property inventory of the Cebu Business District, but it is still pre-mature for announcement.

Manuel said that both ALI and CHI are now working on negotiations to take advantage of Cebu’s fertile ground in commercial, residential and retail developments.  (FREEMAN)