Tuesday, April 24, 2007 CHI hits P1-B mark in revenues
CEBU Holdings Inc. (CHI) earned over P1 billion last year, mostly from the sale of real property and revenues derived from the Ayala Center Cebu (ACC).
The company also posted an income growth of 76 percent to P207 million—a 10-year high in the company’s books.
This indicates that it “delivered results” and lived up to its mission of being the “premier real estate company in Cebu,” CHI president Francis Monera said in his report during the annual stockholders’ meeting at the City Sports Club Cebu yesterday.
CHI will spend P820 million for the redevelopment of the lagoon area and the mall expansion project of ACC, which made P398 million in revenues last year.
“It’s very exciting. It’s more of a lifestyle offering,” Jaime Ayala, chairman of CHI’s board of directors, said of the mall development.
The company hopes to bring in more than 13,000 square meters of additional leasable area with the expansion project.
Ayala revealed the company’s plans to invest in the development of the Asiatown IT Park in Lahug to get more locators and promote its residential lots to capture the overseas Filipino workers (OFW) market, where 37 percent of the company’s residential lot sales went last year.
Monera bared plans to construct a P700-million nine-story building this year to cater to new business process outsourcing (BPO) firms.
Ayala said the building will be filled up with locators before construction will start within the year.
“Our current projects are aimed at capitalizing on growth possibilities in Cebu especially in the areas of information technology and leisure facilities and services,” Monera also said in his report.
South Road Properties
He also confirmed to reporters that they are still seriously looking at prime lots, including the South Road Properties.
Meanwhile, the property formerly known as The Village will become a mall with high-end retail stores to cater to the 10,000 workforce of BPO firms in the IT zone, Ayala said.
Monera said the facility is targeted to be ready by the first quarter of 2008.
Also last year, seven lots in the Asiatown IT Park were sold, posting sales of P173.5 million.
As for residential lots, Amara, CHI’s seaside development in Liloan, Cebu, also captured a 41-percent OFW market, Monera added.
Ayala Land International, Ayala revealed, has a sales group to promote their product lines to the US, Europe and the Middle East.
Monera, in his report, said they will launch future phases to meet the high market demand for the development, where 46 percent of the 87 lots moved during the first three days of its launch. CHI will spend P150 million for the development.
He said that by year-end, all of the Amara’s phase 2 lots were committed to buyers.
Park Tower 2’s remaining condominium units were sold at P18.4 million, while P27 million was contributed by the operations of Cebu City Marriott Hotels. (CYR)
