Ayala unit to invest P18B more in Cebu

CEBU CITY—Ayala-owned Cebu Holdings Inc. (CHI) is investing an additional P18 billion in development projects in the cities of Cebu, Lapu-Lapu and Mandaue.

Antonino Aquino, CHI board chair, said in a briefing here after CHI’s recent annual stockholders’ meeting that the company would be investing P6 billion a year in the next three years in addition to the P20 billion that the Ayala group had already committed.

“We will be increasing our level of investments here in Cebu because the business environment has just been so positive,” he added.

One of these projects is the redevelopment at the Cebu I.T. Park, a 27-hectare economic zone owned and developed by CHI subsidiary, Cebu Property Ventures and Development Corp. (CPVDC).

CHI has also partnered with two Cebu-based developers—Aboitizland and Taft Property Venture and Development Corp. (TPVDC) of the Gaisano group—in two mixed-use developments in Mandaue and Lapu-Lapu cities.

The Mandaue City and Mactan developments will mean that Ayala will have four major mixed-use districts in Metro Cebu following the Cebu Business Park and Cebu IT Park.

Under construction is the Amaia Steps, a two-tower residential project on Plaridel Street in Mandaue City under Amaia Land Corp.

CHI president Francis Monera said in his speech during the meeting that CHI was finalizing the masterplan of a three-hectare central “superblock” in Cebu I.T. which will include a regional mall, office buildings and a hotel.

“This is strategically designed to complement the 24/7 community in the area, as well as enhance the pedestrian experience within the park,” he said.

The project is expected to start later this year.

Cebu I.T. Park is home to the largest concentration of IT and business process outsourcing  companies outside Manila.

Monera also said that CHI had entered into a joint venture agreement with TPVDC for a project on Mactan Island, Cebu.