Ayala Land lines up more projects for Cebu

CEBU, Philippines - Aside from increasing its condominium portfolio in Cebu, after introducing three brands almost simultaneously, Ayala Land Inc. (ALI) will be working on more residential and commercial projects for Cebu, including a plan of opening a boutique hotel here.

ALI is currently offering its three condominium brands in Cebu the Avida, Alveo’s Sedona Parc, and the posh 1016 condominium.

ALI senior vice president and corporate head Rex Mendoza said that works are now ongoing for its plan to expand its hotel business in Cebu, this time, via the introduction of boutique hotel facility.

Mendoza echoed other ALI executives’ strong confidence of Cebu’s real estate landscape, saying the company will make a duplicate of what it has done in Makati and Bonifacio Global City in Metro Manila.

In Cebu, the company in partnership with its subsidiary Cebu Holdings Inc. (CHI) will maximize the development of the two commercial properties, the 60-hectare Cebu Business Park (CBP), and the 24-hectare Cebu Asia Town IT Park.

However, Mendoza has not divulged yet the location of the planned boutique hotel to be opened soon in Cebu. The Cebu City Marriott Hotel is owned by Ayala Hotels and managed by Marriott Hotels International.

“ALI has committed to do its share in contributing to the realization of Cebu’s real estate foothold as business hub in the Southern Philippines,” said Mendoza.

Mendoza specifically mentioned the good reception of the three market segments for its three condominium developments here. The Avida located at the Asia Town IT Park is now building its second tower and it is already 33 percent sold.

Alveo’s Sedona Parc, is also 40 percent sold, although it was only introduced to the Cebu market late last year.

Its high-end condominium brand, 1016 is also performing very well, with one-third of its total units to be available is already sold and reserved.

Because of this good performance, Mendoza said the company is putting its nerve to put huge investments for good interplay of mixed-use products, including the P2.5 billion expansion of the Ayala Center Cebu (ACC) which construction is already starting.

Aside from residential components, and the retail expansion, and accommodation facility, Mendoza said part of the short-term plan is to provide additional office spaces for BPO (Business Process Outsourcing) and corporate markets.

Recently, the Ayala Group announced its strong entry to the hospitality industry, through Ayala Hotels and Resorts arm.

Aside from real estate development, Mendoza said ALI is going to play strongly in the tourism sector.

Although, Ayala Group has been partnering with international chains such as the InterContinental Hotel in Manila, and the Cebu City Marriott Hotel, this time, Mendoza said the company is entering into the boutique hotel segment, while the company will manage the operations itself.

Already, the Ayala Hotels and Resorts acquired properties in El Nido Palawan, and opened at least five boutique hotels in other parts of the country. (FREEMAN)