BY ANGPING & ASSOCIATES SECURITIES
Ayala Land Inc. (ALI) and Aboitiz Land Inc. are investing PHP 3.0 billion this year to kick off the development of a new city center in Cebu.
The township is set to unveil this year.
The first phase of the project which would require an investment of about PHP 3.0 billion includes a residential and commercial component.
Last year, the property unit of the Aboitiz family signed a 50-50 joint venture deal with the property arm of the Ayala conglomerate to embark on the development of a 15-hectare city center in Brgy. Subangdaku, Mandaue City in Metro Cebu.
On other News, Ayala Land Inc. is investing PHP 15.0 billion in the next five years and pouring in another PHP 10.0 billion after, to transform an idle 11-hectare industrial estate.
The PHP 25-billion project will be called Cloverleaf.
The first phase of the mixed-use development will house eight buildings, including a two-hectare mall with 40,000 square meters (sq.m.) of gross leasable space that will open in 2018, as well as a PHP 1.8 billion QualiMed Hospital with 250 beds.
The first phase will also have two residential towers under the Alveo brand that will be launched next month, as well as three towers under the Avida brand to be sold in the third quarter.
Residents can move in by 2019.