RIDING on Cebu’s tourism wave, property giant, Ayala Land Inc. (ALI), and its local partners are investing P35 billion for its first leisure development in Cebu.
In a media preview yesterday, the Seagrove will sit on a 14-hectare property in Barangay Punta Engaño in Lapu-Lapu City. It will house a mix of several hotels, retail, entertainment, and outdoor recreation offers.
The project is the fourth estate of ALI in Cebu, after Cebu Business Park, Cebu IT Park, in Cebu City and the ongoing Gatewalk Central, a joint venture with AboitizLand Inc., in Mandaue City.
Nationwide, it is the 24th Ayala estate.
ALI and its subsidiary Cebu Holdings Inc., and Metro Gaisano’s property arm, Taft Property Venture Development Corp. (TPVDC) jointly formed the Taft Punta Engaño Properties, Inc. (TPEPI) for the development of Seagrove.
TPEPI is the owner and developer. It appointed ALI as the project manager.
“Seagrove brings various attractions that will also help boost Cebu’s tourism economy even further and we foresee it being a main tourist attraction for generations to come,” said Meean Dy, TPEPI president and Ayala Land senior vice president.
Edward Gaisano, chairman and president of Vicsal Development Corp. and TPEPI director, said the upcoming project will complement the existing tourism establishments around Mactan and affirm Cebu’s position as one of the main leisure centers of the country.
This is his company’s first venture in the leisure business.
Seagrove, which is marketed as an “eco-fun” destination, is designed around central water amenity and open spaces leading to Magellan Bay and the existing 40-hectare mangrove with the master planned 500 meter seafront promenade.
By 2022, the first phase of the project, composed of a 200-room Holiday Inn hotel, boardwalk retail, lagoon swimming pool, will be completed.
This will cost TPEPI roughly P4 billion.
The retail and commercial component, The Shops at Seagrove, will have a total gross leasable area of approximately 10,000 square meters, of which the first phase will have around 4,000 square meters. It will be operational by 2020.
Seagrove’s retail mix focuses on local homegrown food favorites as well as classic national and international food choices.
It will also have convenience stores, souvenir shops, as well as support and water facilities.
The completion of the entire development will run from 10 to 15 years, said TPEPI director Iris Mediano.