Jan. 24, 2014 –Ayala Land Inc. (ALI) and AboitizLand Inc. signed a joint venture agreement to solidify their partnership in developing what is envisioned as one of Cebu’s most impressive growth centers.
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 in Subangdaku, Mandaue City in Metropolitan Cebu.
“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 Tony Aquino, ALI President and CEO.
Andoni Aboitiz, CEO of Aboitizland also shared that he is “looking forward to embarking on this venture together 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. On the other hand, it will be the 20th development of AboitizLand in Cebu over 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.
To rise in this new city center, which is just within the vicinity of Cebu’s main business districts, are innovative residential developments and commercial spaces with retail and office components. The property also enjoys direct access to major road networks and public transport facilities. It is just 20 minutes away from the airport and even closer to Cebu’s major sea ports which serve as gateways to the rest of the Visayas and Mindanao provinces.
The development is targeted to be launched in 2015.
SOURCE: Jaime Augusto Zobel de Ayala