The Ayala and Aboitiz groups have signed a deal to develop a 15-hectare city center in Subangdaku, Mandaue City in Metropolitan Cebu, solidifying their partnership in the property business.
Targeted for launching by 2015, the new city center, which is within the vicinity of Cebu’s main business district, will feature innovative residential developments and commercial spaces with retail and office components, a joint statement from the Ayala and Aboitiz groups said.
The property also enjoys direct access to major road networks and public transport facilities. It is 20 minutes away from the airport and even closer to Cebu’s major sea ports that serve as gateways to the rest of Visayas and Mindanao.
“We are very excited to work with AboitizLand in developing another city center that will further boost Cebu’s economy. The development shows great promise and will provide new opportunities for business expansion and employment, while providing the community with quality spaces for convergence,” said Antonino Aquino, Ayala Land president and chief executive officer.
Andoni Aboitiz, chief executive officer of Aboitizland, said he was “looking forward to embarking on this venture with a strong partner who shares the same vision, passion and commitment with us, in building Cebu thru what we do best—‘Place-making.’”
The Mandaue City development will be ALI’s fourth major mixed-use district in Metro Cebu, following the Cebu Business Park, Cebu IT Park and the upcoming Mactan development. For AboitizLand, it will be the 20th development in Cebu and latest additional to a diverse portfolio of integrated residential communities, commercial pockets and industrial parks such as Pristina North, The Persimmon Towers, Ajoya, Mactan Economic Zone 2 (MEZ2) and the Outlets.
“The partnership brings together ALI’s track record in developing masterplanned, sustainable communities and AboitizLand’s vast and deeply-rooted real estate experience in Cebu for the development and operation of a 15-hectare city center,” the partners said in the joint statement said.