Ayala Land, CHI to pour in P1.6B to tower project
Expressing more confidence in Cebu’s economy that is driven by the continued boom in the outsourcing industry, Ayala Land, Inc. (ALI) and Cebu Holdings, Inc. (CHI) will invest at least P1.6 billion in another project in Cebu Business Park that will add 31,113 square meters of leasable space for the outsourcing companies.
The two Ayala subsidiary companies would pour in another P4 billion to P5 billion for their projects in Cebu this year, said Tony T. Aquino, ALI president and CHI chairman.
Their newest project is called ACC Corporate Center–ACC stands for Ayala Center Cebu. The tower will be located on the western side of the mall and is designed as an integrated part of the mall through a connected retail and parking podium.
“The building will have 12 stories for office spaces, two stories for retail and six levels of parking spaces or 386 slots. It is directly across the PUJ terminal which will add convenience to the employees of our would be locators,” Aquino said.
ACC Corporate Center would be completed and operational by the second quarter of 2015, said Jimmy E. Ysmael, ALI senior vice president and chief finance officer.
Construction for the project will start this month.
In the last three years, ALI and CHI has already poured in a total of P14 billion in investments at their two properties–Cebu Business Park and Cebu IT Park–which included residential projects under the ALI and CHI brands– Ayala Land Premier, Alveo Land Corp and Avida Land Corp. as well as commercial and retail segments.
“This year we will be investing more for our Avida Riala and Solinea projects. With Solinea, which is Alveo Land’s first masterplanned multi-tower project here in Cebu Business Park, we will be building our third tower this year as the first two towers are basically sold out,” said Aquino.
Avida Towers Riala is the second project of Avida Land Corp. after the success of their first project called Avida Towers Cebu which is at the Cebu IT Park.
Target completion of the five-towers condominium community is by 2017 or five years after it was launched in May last year.
Meanwhile, Ayala Land Premier’s 27-story condominium project 1016 Residences also at the Cebu Business Park had all its condominium units sold out, Aquino said.
They also are set to begin building the 38-story Park Point Residences which will be built on top of Ayala Center Cebu’s Phase 2B wing which is expected to be operational in November this year.
The new wing of the mall was scheduled to open by November this year carrying carrying new and exciting addition to the retail and lifestyle segment of their business, said Clavel Tongco, Ayala Land assistant vice president for commercial business group – Vismin.
“There will be three floors of Rustans with a whole floor dedicated for the supermarket. The size will be five times bigger than the existing Rustans store now. And with that expansion, it means bigger space for their brands as well,” said Tongco.
Tongco added that new brands for perfumeries, apparel will also be opening shop in the mall.
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