Ayala to spend P5 B for more Cebu developments in 2011
CEBU CITY -- Ayala Corp. units plan to launch P5-billion worth of projects here this year to enhance its twin business districts in the city, officials said on Friday.
More residential and office buildings for the business process outsourcing (BPO) sector will rise at both the 50-hectare Cebu Business Park -- the flagship project of Ayala Land, Inc. affiliate Cebu Holdings, Inc. -- and the 23-hectare Asiatown IT Park, which was developed by Cebu Holdings subsidiary Cebu Property Ventures and Development Corp., the officials said.
Ayala Land President Antonino T. Aquino said they were encouraged by the high take-up rate for the products that they introduced last year.
"Last year, we introduced projects with an aggregate value of P5 billion. You will see the same level of commitment this year. We will also introduce approximately P5 billion worth of projects in the same area," Mr. Aquino said in a press briefing after the Cebu Holdings stockholders’ meeting.
He did not specify the projects that will be launched this year, but stressed that Ayala Land will continue to enhance both Cebu Business Park and Asiatown to maintain their position as Cebu’s prime business district.
Another project is the development of a two-hectare expansion area for Asiatown, said Cebu Holdings and Cebu Property Ventures President Francis O. Monera.
"We’re about to sign up for the joint venture development of a two-hectare property. This will be a residential hub to complete the concept of live, work and play at Asiatown," Mr. Monera said.
Development of the two-hectare property is targeted to start within this year or early next year, he added. This will come on the heels of the completion of eBloc Tower 2, a BPO building within the five-hectare phase 2 development of Asiatown. The 16-storey structure will provide an additional leasable space of 26,500 square meters for BPO and IT companies.
"We are talking with several potential locators. Some already have presence in Cebu and there are also some that are new," Mr. Monera added.
eBloc Tower 2 is the second project of Asian I-Office Properties, Inc., a special purpose vehicle created by Cebu Property Ventures and Ayala Land Corporate Business Group. eBloc Tower 1 was completed in 2009 and has been fully leased to JP Morgan Chase Bank and NCR Cebu Development Center.
An ongoing Ayala project at Asiatown is the P1.5-billion Avida Towers Cebu, which is being undertaken also through Asian I-Office. Each tower will have 500 residential units.
At the Cebu Business Park, Cebu Holdings has started the expansion of the Ayala Center Cebu to complete its circular design and provide an additional 36,000 square meters of leasable space. Ayala Land, meanwhile, is constructing the Sedona Parc under the Alveo brand and 1016 Residences under the Ayala Land Premier brand. -- Marties S. Villamor
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