CEBU, Philippines — Cebu Holdings Inc., announced the opening of its second mall in Cebu at the Cebu IT Park by the first half of 2019.
CHI president Aniceto V. Bisnar, Jr., said the mall construction is on track with its schedule and before the Christmas season starts next year, the five-storey new Ayala Mall will be operational.
The Cebu IT Park mall will add around 50,000 square meters of retail space to the company's leasing portfolio, Bisnar said.
Also, located within the two-hectare area at the heart of the 24-hectare cyberpark called Central Bloc, Ayala Group's hotel brand Seda will be opened next year providing another 214 hotel rooms to Cebu's hospitality sector.
Central Bloc complex, developed by Central Bloc Developers, Inc. also will give rise to two new BPO office towers.
"Our Cebu IT Park has become one of the fastest-growing economic zones in the region. It has helped drive the economy of Cebu, making it one of the top BPO destinations globally. More importantly, it has generated over 51, 000 jobs for Cebu and its neighboring provinces," said Bisnar.
CHI recently announced its official merging process with Cebu IT Park developer and its subsidiary Cebu Property Ventures and Development Corporation (CPVDC).
In 2017, CPVDC registered a stronger bottom line with 15 percent increase to P247 million compared to 2016. Revenues also grew by 16 percent to P803 million.
Last year, the company logged a total capital expenditure of P469 million. This was spent for the continued enhancement of the cyberpark, its eBloc Towers, and investments in its affiliate, Central Bloc Developers, Inc. — (FREEMAN)