Thursday, July 18, 2019

Ayala Group sets aside P39B for Cebu

THE Ayala Group is booking P39 billion for Cebu over the next five years, an amount needed to finance its commercial, retail, residential, and leisure expansions.

Ayala Land Inc. (ALI) Visayas-Mindanao Group vice president Aniceto “Jun” Bisnar Jr. shared the information in a press conference yesterday for its newest project Seagrove, a mixed use leisure development, in Punta Engaño in Lapu-Lapu City (see story, A12).

“In the next five years or so, the whole Ayala group will invest around P39 billion in Cebu alone. That’s a sign of confidence of the Ayala Group in the Cebu economy,” he said.

The amount is 179 percent higher compared to the Ayala Group’s investment in Cebu in the past five years, which totaled P14 billion.

The amount will finance the construction and developments of Seagrove, a joint venture with Taft Properties that will feature a 14-hectare mixed-use leisure development in Punta Engaño, Lapu Lapu City; the 15-hectare Gatewalk Central in Subangdaku, Mandaue City, a mixed-use development under a joint venture with Aboitiz Land Inc.; and the Central Block in Cebu IT Park that will house an integrated mall, hotel, and office tower concepts.

The capex will also finance Ayala Land’s residential projects like Alveo, Avida, and Ayala Land Premier.

“We see that Visayas and Mindanao regions, especially Cebu, will be a critical area for future growth,” said Bisnar, who also sits as president of Cebu Holdings Inc.

The Ayala Group has been in Cebu since 1988, and has developed the Cebu Business Park, Ayala Center Cebu, and the Cebu IT Park.

It has nine existing estates in the Visayas and Mindanao. To expand its presence in Southern Philippines, Bisnar said the company is open to possible joint ventures with local companies moving forward.
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