CEBU CITY — Ayala-owned companies will invest some PhP25 billion in Cebu in the next five years, an executive said.
Aniceto V. Bisnar Jr., Cebu Holdings Inc. (CHI) president, said they will build more master-planned townships and malls in the cities of Cebu, Mandaue and Lapu-Lapu.
Bisnar said this will include a superblock with two business process outsourcing (BPO) towers, a mall and hotel to rise in the center of Cebu IT Park in Barangay Lahug, Cebu City.
Also included are new townships in the neighboring cities of Mandaue and Lapu-Lapu.
The mixed-use business districts in Mandaue City and Mactan will be in partnership with Aboitiz Land Inc. and the Gaisano-owned Taft Property Ventures and Development Corp., respectively.
The 13-hectare project in Mactan will capitalize on Cebu’s booming tourism industry.
“It is set to become the mixed-use leisure and resort community of choice,” Bisnar told stockholders in a meeting Friday in Cebu City.
Bisnar was appointed CHI president in January, succeeding Francis Monera, who remains on the board of directors.
A 15-hectare city center in Subangdaku, Mandaue City will offer residential units and commercial spaces for retail and offices.
CHI is also developing Amaia Steps, a mid-rise residential development in Mandaue City, in partnership with sister company Amaia Land Inc.
The projected investment of PhP25 billion in the next five years is 62 percent more than the PhP40 billion the CHI and subsidiary Cebu Property Ventures and Development Corp. (CPVDC) have poured into Cebu in the last 26 years.
Bisnar said the company will continue to improve the 50-hectare Cebu Business Park and the 27-hectare Cebu IT Park which make up the Cebu Park District.
Cebu Business Park transformed what used to be the Club Filipino golf course owned by the Cebu provincial government.
It is now considered Cebu’s financial and commercial hub.
Cebu IT Park, built on the old Lahug airport, hosts 70 percent of BPO companies in Cebu.
Both parks employ nearly 70,000 workers, which is projected to grow by 20 percent this year.
A total of 17 buildings are under construction in both parks that will offer additional gross floor area of 308,758 square meters.
In five years, total gross floor area in both districts is projected to nearly double to 1.4 million square meters for office, commercial and residential use.