MANILA – An affiliate of Ayala Land Inc (ALI) is spending P6-7 billion in the next two years for two new mixed-use developments in Cebu that will be launched later this year.
Listed Cebu Holdings Inc director Emilio J. Tumbocon last week told reporters that the projects will feature ALI-branded residential products, office buildings and retail space.
ALI has partnered with the Aboitiz group for a 15-hectare project in Mandaue City and has teamed up with the Gaisano group to develop the latter’s 12-hectare property in Mactan Island into a leisure-oriented project.
ALI is bullish on the prospects of Cebu because of upcoming major infrastructure projects like the Mactan-Cebu International Airport and a bus rapid system.
“Opportunities in Cebu will improve further,” Tumbocon said.
ALI transferred to Cebu Holdings its 55 percent stake in Taft Punta Engano Property Inc (TPEPI), a joint venture with Taft Property Ventures Development Corp (TPVDC),a Cebu-based real estate developer and a member of the Vicsal Group.
Likewise, ALI gave Cebu Holdings and Cebu Property Ventures & Development Corp (CPVDC) the right to subscribe to 10 percent and five percent, respectively, of the authorized capital stock of the joint venture company with AboitizLand Inc. ALI will retain the remaining 35 percent stake in the joint venture.
Cebu Holdings is the developer of Cebu Business Park, while its 76 percent-owned subsidiary CPVDC is the developer of Cebu IT Park. These two form Cebu Park District, ALI’s biggest project outside Luzon.
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