Cebu Holdings to invest P6.5B this year

Cebu Holdings Inc. will roll out P6.5 billion investment in four new projects this year in partnership with Ayala Land Inc.

Cebu Holdings Inc. chief finance officer Enrique Manuel Jr. made the announcement yesterday after the Annual Stockholders’ Meeting at the City Sports Club.

Manuel said these projects are additional projects set to be launched within the year.

“We’ll have the second tower of Solinea, Park Point Residences, an office tower in Cebu Business Park, and third Avida Tower in Cebu IT Park,” said Manuel.

Of the P6.5 billion investment, P2.5 billion will from CHI according to CHI president Francis O. Monera.

Park Point Residences will be located near the new expansion of Ayala Center Cebu, which will have 255 units said Manuel.

The third Avida Tower, which is already in addition to their original two-tower plan, will have about 500 units.

Monera said the third tower will be located in the 2.1-hectare expansion of the Cebu IT Park.

“That 2.1 hectares will have the same concept as that of Serendra in Bonifacio Global City,” said ALI president Tony Aquino.

Aquino said they expect more demand for residential condominium units in the area since the outsourcing sector continues to grow rapidly.

Another project that will host office spaces within Cebu Business Park is also  planned according to Monera.

In the last two years, ALI  poured in a total of P27 billion in investments for projects in the Visayas and Mindanao region with P10 billion in Cebu.

“Another P10 billion is set to be invested until next year, including the P6.5 billion in Cebu,” said Manuel.

Aquino said Cebu will have the next biggest concentration of their investments fueled by the very positive response of the market to their projects.

Last year, CHI posted P1.35 billion in revenues with net income of P424.33 million, a 4 percent growth compared to the previous year.

Income from rental in commercial provided the chunk of CHI’s revenues last year with P838.13 million or about 61 percent.

Real estate sales brought in 19%, theater with 6%, interest and other income at 4% and 10% respectively./Reporter Aileen Garcia Yap