CEBU, Philippines - Ayala Land Inc. (ALI) announced yesterday that it assigned some of its shares in the recent joint venture agreement with Aboitizland Inc. to affiliate Cebu Holdings Inc. (CHI) and Cebu Property Ventures and Development Corporation (CPVDC).
This is to benefit the local knowledge and expertise of ALI's counterparts in Cebu's real estate sector.
Yesterday, ALI disclosed its assignment to CHI and CPVDC of the right to subscribe to ten percent and five percent, respectively, of the authorized capital stock of the said joint venture company (JVC) but ALI shall retain its remaining 35 percent stake.
CHI, which is currently celebrating its 25th year, is the developer of the city's largest integrated, mixed-use, masterplanned development Cebu Business Park. CPVDC, a subsidiary of CHI, is the developer of Cebu I.T. Park which is home to the largest concentration of IT and business process outsourcing companies south of Manila.
Together, these two parks form Cebu Park District, the largest operating Philippine Economic Zone Authority (Peza)-registered IT zone in the country. CHI's other developments include the Ayala Center Cebu, seaside residential subdivision Amara, and various residential and office condominium towers within the park.
As ISO-certified real estate developers, CHI and CPVDC will bring better efficiencies and possible synergies that will maximize opportunities in the Cebu property market.
Last January 24, ALI signed a joint venture agreement with Aboitizland Inc. to solidify their partnership in developing what is envisioned to be one of Cebu's most impressive growth centers.
The partnership brings together ALI's track record in developing masterplanned, sustainable communities and AboitizLand's vast and deeply-rooted real estate experience in Cebu as they develop and operate a 15-hectare city center in Subangdaku, Mandaue City in metropolitan Cebu.
"We are excited about this new development which is distinct from our other properties in Cebu. This will complement our expanding portfolio of projects, as well as allow us to reach more geographies and markets," CHI president Francis Monera said.
Monera added that this major project will contribute to Cebu's thriving real estate industry and the influx of more investments in the area.
This new city center that is set to be completed by 2015 is just within the vicinity of Cebu's main business districts.
The property also enjoys direct access to major road networks and public transport facilities. It is 20 minutes away from the airport and even closer to Cebu's major sea ports which serve as gateways to the rest of the Visayas and Mindanao provinces. —/JMD (FREEMAN)