Cebu Holdings sets aside P3.4B for Cebu projects
With a record high performance last year registering a 13 percent growth in revenues at P1.6 billion, Cebu Holdings, Inc. is set to invest P3.4 billion in new and existing projects this year.
Cebu Holdings, Inc. had their annual stockholders’ meeting at Cebu City Sports club yesterday and according to CHI president Francis O. Monera the combined capital expenditure this year together with their sister companies is about P5.4 billion.
“We are poised to launch at least two more high-rise towers this year for Solinea and Avida Riala before the end of this year and plans are also underway for a new residential project designed to cater to the underserved demand for even more affordable homes for the Filipino family,” said Monera.
AMAIA
Monera said that CHI would bring their fourth brand Amaia to Cebu for this particular development and they would be looking to locate at the southern and northern parts of Cebu.
He, however, declined to give further details about the project.
Article continues after this advertisementPart of the P5.4 billion investment will also be set aside for the ACC Corporate Center which the CHI launched in January this year.
Article continues after this advertisementBUSINESS DISTRICT
With Cebu’s robust economic growth, Ayala Land Inc president and CHI chairman Tony Aquino said they would be looking at another area for a possible third business district in Cebu.
“In Cebu three or more such districts is doable maybe through a partnership engagement–the same as when we started with IT Park,” said Aquino.
He said that they were considering areas like the South Road Properties for such development or an area the same size as the Cebu Business Park and the Cebu IT Park.
Cebu IT Park and Cebu Business Park have a combined land area of 57 hectares at present.
IT PARK MALL
Cebu Property Ventures and Development Corporation, a subsidiary of CHI, is now planning a new commercial component on a five-hectare area in Cebu IT Park.
“This will be located in that area where our eOffice is located and that lot on the other side of that. It is designed to enhance the integrated, mixed use experience in the area,” said Monera.
“We will be launching the project soon after we finish the master plan,” said Monera, who hoped that the master plan would be done by the end of the year.
Last year, CHI registered a revenue of P1.6 billion and a net income of P441 million, a 4 percent increase from 2011.
