In separate financial reports filed with the Securities and Exchange Commission (SEC), CHI said P100 million of the P160-million capital budget will go to subsidiary Cebu Property Ventures and Development Corp. while the balance will go to CHI. Funding will come from internally-generated cash and borrowings.
CHI, an affiliate of property giant Ayala Land Inc., has already spent P39 million for the improvement of the Ayala Center Cebu while P18.8 million was spent by CPVDC for the development of eOffice. Designed as a fully-integrated shopping center, Ayala Center Cebu continues to be a magnet for visitors including local and international tourists with almost 350 retail, food and entertainment shops.
Ayala Center Cebu has renovated its 4th level to provide food court dining, cinema and entertainment all in one level. Phase 1 of the project is already operational while phase 2, which includes the installation of a digital system in cinema 1 is scheduled to open by July 2004.
CHI earlier signed a joint venture agreement with Coastal Highpoint Ventures Inc. for the development of a master planned residential community in Cebu.
The project, dubbed as the most innovative residential project to be developed in Visayas and Mindanao, will consist of high-end and affordable lots in a 46 hectare-property located in Barangay Catarman, Liloan, Cebu.
CHI’s first project is the development of Cebu Business Park – the largest integrated prime business district in Cebu. Serving as the centerpiece of the CBP is Ayala Center – the preferred shopping and entertainment destination of the Visayas and Mindanao. CBP is also the site of the Cebu City Marriott Hotel, the first businessman’s hotel managed by world-renowned Marriott International. Other projects include the Cebu Holdings Center, the company’s first office condominium; the Ayala Life-FGU Center Cebu – in partnership with Ayala Life Assurance Co. Inc. and FGU Insurance Corporation.
CHI also pioneered the development of high-rise residential condos in Cebu. Its first project, Park Tower one – was a bestseller in 1996 that CHI decided to build Park Tower Two in 1997.
The company has undertaken another project in partnership with ALI – the City Sports Club Cebu – an exclusive urban resort equipped with state-of-the-art health and fitness equipment.
CHI is optimistic Cebu is ready for new property development projects this year in view of the success of Ayala-initiated projects in Luzon and in Bacolod City in Negros Occidental (Western Visayas) despite a generally soft real estate market.