TWO property giants that teamed up to bid for the P17.5-billion Mactan-Cebu International Airport rehabilitation project have teamed up once again for a new mixed-used development in Cebu.
Publicly-listed firms Ayala Land Inc. (ALI) and AboitizLand Inc. signed last Friday a joint venture agreement for the operation and development of a 15-hectare city center in Subangdaku, Mandaue City.
The agreement, according to a press statement, aims to solidify their partnership in developing what is envisioned “as one of Cebu’s most impressive growth centers.”
It added that the partnership would bring together ALI’s track record in developing master-planned, sustainable communities and AboitizLand’s “vast and deeply-rooted real estate experience” in 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 Antonino Aquino, chief executive officer and president of Ayala Land Inc. (ALI).
The 15-hectare city center will house residential developments and commercial spaces with retail and office components.
‘Place-making’
The project is targeted to be launched by 2015.
Andoni Aboitiz, chief executive officer of AboitizLand, said 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 through 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.
It will be the 20th development of AboitizLand in Cebu, after its integrated residential communities, commercial pockets and industrial parks like Pristina North, The Persimmon Towers, Ajoya, Mactan Economic Zone 2 (MEZ2) and the Outlets.
Last April 2013, ALI announced they were planning to develop another business district in Cebu to cater to the growing mixed-used development in the province.
“While we continue to enhance the Cebu Park District, negotiations for acquisition are currently underway to increase our existing land bank. We also continue to look for strategic properties which will expand our portfolio, as well as complement our existing development,” CHI president Francis Monera had said during the company’s Annual Stockholders’ Meeting at the City Sports Club Cebu.
CHI is a subsidiary of ALI, the developer of Cebu Business Park.
Published in the Sun.Star Cebu newspaper on January 29, 2014.
