CEBU, Philippines — The year 2017 has seen Cebu continually getting interest from local companies as an investment destination.
The year was marked by various big investment plans by listed companies.
In June, Gokongwei-led Robinsons Land Corp announced it had signed a deal with Thailand-based global hospitality group Dusit International to open a 271-room beachfront luxury hotel-resort at the northern peninsula of Mactan, Island in Cebu by 2019.
Dusit Thani Resort Mactan Cebu Resort will be the third property in the Philippines to carry the Thai brand after Dusit Thani Manila in Makati and the pioneering Dusit Hospitality Management College which will open in BGC next year.
The Mactan resort-hotel also marks Dusit’s debut in Cebu but the group has two other upcoming hotels in Cebu City.
Just very recently, a construction and engineering consortium formed by the Consunji, Lopez and Spain-based Acciona Construccion S.A. bagged a P22.6-billion design and build contract for Metro Pacific group’s 8.5-kilometer bridge project that will connect Cebu City to the Municipality of Cordova in Mactan Island.
In previous stock exchange disclosures, conglomerates DMCI Holdings, Metro Pacific Investments Corp and First Philippine Holdings Corp (FPH) said the notice of award for the Cebu-Cordova Link Expressway (CCLEX) had been issued to Cebu Link Joint Venture (CLJV) at an agreed contract amount of P22.6 billion.
CLJV is a joint venture of Acciona Construccion, FPH’s First Balfour Inc and DMCI’s D. M. Consunji Inc, which all have proven track records in major infrastructure projects.
The notice of award was issued by Cebu Cordova Link Expressway Corp (CCLEC), a subsidiary of Metro Pacific Tollways Corp (MPTC), the tollroad arm of Metro Pacific.
CCLEC will build, operate and maintain the toll bridge through a joint venture agreement with the local governments of Cebu City and Cordova Municipality.
CCLEX, which is targeted to be completed by 2020, is the first of MPTC’s envisioned toll road expansion projects in Visayas and Mindanao.
Last November, Ramon Ang’s listed cement firm Eagle Cement Corp (ECC) had also broke ground its P12.5-billion integrated cement plant in Malabuyoc, Cebu.
The listed company said it has embarked on its plans to raise its production capacity to 9.1 million metric tons with the recent ground breaking of its fourth production line in Malabuyoc, Cebu.
The Cebu plant (Line 4) targets its completion date in 2020 and will include a 2 million metric ton integrated cement manufacturing plant, port facilities and cement terminals to serve the Visayas and Mindanao markets.
Last June, Cebu Landmasters Inc also made a history as the first homegrown property company to list on the stock exchange.
The company sold 505 million shares including its over-allotment option of 75 million shares, raising a total of P2.9 billion, in its maiden share sale.
The company, founded by Jose R. Soberano III in 2003, plans to continue developing projects in the Visayas-Mindanao region in the future, given President Rodrigo R. Duterte’s intention of shifting the development focus away from Metro Manila.
CLI is using the net proceeds from the offer to finance land acquisitions. The company plans to focus on seven markets — Cebu, Bohol, Bacolod, Dumaguete, Iloilo, Davao, and Cagayan de Oro.
The Ayala group also announced it was poised to pour P39 billion into several projects in Cebu over the next five years as a sign of confidence in on the back of Cebu's expanding economy as well as its aggressive expansion in the Visayas and Mindanao area.
Aniceto Bisnar Jr, president of publicly listed Cebu Holdings Inc (CHI), an Ayala Land subsidiary, said the investment will be spent for existing and ongoing ventures such as malls, office buildings and residential projects here.
Last November, Ayala Land launched its ninth estate in Cebu, Seagrove on Mactan Island, which is a joint undertaking with the Gaisano-led Taft Properties.
Last August, Udenna Corp of Davao-based businessman Dennis Uy formally broke ground on its multimillion-dollar casino project in Cebu.
Wholly owned subsidiary Udenna Development Corp is building the $341 million Emerald Resort and Casino, which will rise on a 12.5-hectare prime beachfront property in Mactan Island in Lapu-Lapu City.
Construction was targeted to start soon.
The project, which will be completed in three years, is set to make the Philippines at par with other premier regional destinations designed for leisure, gaming, MICE (meetings, incentives, conventions and exhibitions) and other commercial and residential investments.
The project would play a vital role in transforming Mactan into a premiere tourist destination with a vibrant and thriving economy.
The Emerald is designed by architect Paul Steelman, designer of The Mirage Hotel and Casino in Las Vegas and The Sands in Macau. (FREEMAN)