PROPERTY developer Ayala Land Inc. will invest around P8 billion for a 2.2-hectare mixed-use project inside its own development, the 24-hectare Cebu IT Park in Lahug.
Dubbed as the Central Bloc, the development will house two business process outsourcing (BPO) towers, a five-level Ayala mall, and a 214-room Seda hotel.
The new project, which broke ground yesterday, is expected to generate 17,000 jobs upon completion in 2019, said Cebu Holdings Inc. President Aniceto “Jun” V. Bisnar Jr. in a press briefing. About 14,000 of these jobs are expected to come from the BPO sector.
Ayala Land Offices Head of Business Development and Leasing and Operations Carol Mills said the BPO towers will accommodate local and multinational firms that wish to expand their operations in Cebu.
Mandaue, Mactan projects
At present, BPO companies nestled in the Cebu IT Park generate almost 40,000 jobs, covering 70 percent of the total BPO workforce in Cebu.
For its mall development, Mills said they expect to house a total of 500 local and international brands and offer a gross leasable area of 24,000 square meters.
“We will continue to redevelop, expand and grow our business in the area,” Bisnar said, adding that more developments will be introduced after the Central Bloc.
Bisnar also disclosed that ALI is investing P30 billion in the next five years for new developments and land acquisition.
These include a mixed-use development in Mandaue City in partnership with Aboitiz Land Inc., a leisure tourism estate in Mactan in partnership with Taft Property Ventures Development Corp, residential projects, and office building developments.
“This is how confident we are in the potential of Cebu and its growth industries,” the official added.
To support the road requirements of Ayala’s existing and future projects, particularly in the Cebu IT Park, Bisnar said they will add two more access roads to Banilad.
He added that the firm, together with the Cebu Provincial Government, has come up with a memorandum of agreement to resolve a conflict over a perimeter wall along W. Geonzon St. involving CHI’s subsidiary, the Cebu Property Ventures Development Corp, and Filinvest Land Inc.
The Cebu Provincial Board (PB) in December last year authorized Gov. Hilario Davide III to sign a MOA that will give occupants of one new office tower in FLI’s Cyberzone project access to W. Geonzon St.
In the 26 years since Ayala’s entry to Cebu, ALI-led companies have invested more than P40 billion in real estate development in the province.
ALI is also eyeing to hit a P40-billion income in 2020.
“We are confident that our projects in the Visayas, Mindanao, and Metro Manila will help us achieve that target…We will explore new geographies and market segments to further expand the business while striving to reach a broader market base,” Bisnar said.