Ayala leads P20-B seaside estate project in Davao
Property giant Ayala Land Inc. is scaling up its footprint in the Visayas-Mindanao region with a commitment to invest P20 billion, together with partner Alcantara group, to develop a 25-hectare seaside estate project called Azuela Cove in Lanang, Davao City.
“For economic growth to be truly felt by more people, real estate developments should expand beyond Metro Manila,” ALI Visayas-Mindanao chief operating Officer and Cebu Holdings Inc. president Aniceto Bisnar Jr. said yesterday.
“We see this shift as a positive development and Ayala Land is committed to contribute to the transformation and progress through its projects in the Visayas and Mindanao,” he added.
Azuela Cove is situated on a prime waterside property owned by Aviana Development Corp., a joint venture between ALI and the Alcantara group.
“We are excited about expanding in the Davao City market once again and are confident in supporting its overall economic plan. We, along with our partners, set aside an initial investment of about P8 billion, part of an expected over P20-billion investment over the next eight years or so in Azuela Cove,” said Rico Manuel, ALI Visayas-Mindanao area head for Mindanao.
Azuela Cove’s first phase of development will include a high-end residential development by Ayala Land Premier, a state-of-the-art St. Luke’s Hospital, a retail center, an events tent with a capacity of 2,000 people and interim sports facilities to prime the area.
The integrated development is expected to draw additional investments and generate about 13,000 jobs once the master plan is implemented within the next eight to 10 years.
ALI debuted in Mindanao in 2007 with the launching of a residential community—Alegria Hills—in Cagayan de Oro. This was followed by the opening of Abreeza Mall in Davao City in 2011. In 2013, it opened Centrio Mall, also in Cagayan de Oro, supporting the company’s plan to establish economic growth centers in the Mindanao area.
In the Visayas, ALI is also preparing to launch a new 14-hectare estate in Mactan in partnership with the Gaisano group, Bisnar said.
ALI started investing in Cebu in 1990 when it bid for the 50-hectare Cebu Business Park. It also established the Cebu I.T. Park in 1996 and continued to ramp up development with a recent P26 billion investment in the 17-hectare estate Gatewalk Central in Mandaue City.
The property giant also continues to boost construction activities in the Western Visayas region with rising developments at Capitol Central and North Point in Negros Occidental as well as Atria Park District in Iloilo. The Enclaves by Ayala Land Premier launched a new phase at North Point in February of this year, while North Point Yard, an eclectic mix of retail concepts, is set to open in the latter part of 2017.
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