CEBU, Philippines - Cebu Holdings Inc (CHI), the Cebu-based property unit of Ayala Land, is developing three new business estates in Cebu as it continues to be bullish on the Cebu economy.
In an interview with reporters on Monday, CHI President Aniceto Bisnar Jr said the additional estates will bring about a total of 118 hectares of its commercial business districts including the Cebu Business Park and Cebu IT Park.
In June this year, Aboitiz Land and Ayala Land launched the 17.5-hectare Gatewalk Central in Mandaue City, a mixed-used development similar to the Cebu IT Park, Bisnar said.
The two property firms intended to spend P10 billion for the project's initial phase.
Furthermore, the Ayala Land is also finalizing its masterplan for a property at the South Road Properties (SRP) it will jointly develop with SM Prime Holdings.
Bisnar said the company is now applying for permits for the SRP project.
The Cebu City Council had already passed a resolution expressing its consent to the consortium's plan to develop the 26-hectare area.
In June last year, the SM-Ayala group consortium won in a bid by the Cebu City government for the 26-hectare SRP lot adjacent to the 30-hectare SM Seaside Complex for P10 billion.
This forms part of the 300-hectare SRP in Cebu City.
Moreover, CHI is also pursuing another 13-hectare mixed-use project in Mactan Island in joint venture with the Gaisano family.
Ayala Land President and CEO Bernard Vincent Dy said this project, which will have retail and residential components, is still on the planning stage.
Dy noted the Ayala group remains to be bullish on the Cebu market, as it continues to expand here.
Bisnar said these projects hopefully will create more employment.
He added the Cebu Business Park and IT Park alone employs about 82,000 workers, accounting for roughly 70 percent of the total IT-BPO employment in Cebu.
"We hope to continue the build-up," the official said.
"We continue to reinvest in Cebu. We are confident Cebu will still be attractive to foreign direct investments even the IT-BPO sector," Bisnar noted.
On Monday, the Ayala group launched at the Ayala Center Cebu the rebranding of its business units in infrastructure, education, health, industrials, automotive and energy.
The event was graced by Ayala Corp. Chairman and CEO Jaime Augusto Zobel de Ayala. (FREEMAN)