Another P200M for Cebu projects – CHI president
Cebu Holdings Inc. will invest another P200 million for three expansion projects in Cebu, which is the final installment of the P5 billion the firm set aside for the Cebu projects.
CHI president Francis O. Monera said the firm’s latest investment was for for Amara’s fifth phase – The Parks – which would offer 53 lots with the price range between P5.7 million to P14 million each.
Amara is CHI’s high-end property development project in Liloan town, northern Cebu. Development of its 5th phase will start this year.
Monera said their confidence in Cebu was expressed by their continued investments through expansions in their existing projects.
“The P5 billion total investments are spent for our Ayala expansion which is the Phase 2 B, Amara’s The Parks, and our BPO building in Asiatown I.T.Park,” Monera said.
The investment also makes up 42 percent of their P12 billion investments in the Visayas and Mindanao Region. The firm is investing P1 billion for the Amara projects, 1 billion for the eBloc project, and P3 billion for the Ayala Phase 2 B project.
Monera said that they continued to see bullish growth in the real estate industry of Cebu, which was fueled by the twin industries – tourism and the outsourcing industry.
“In support of Cebu’s continued strength in the BPO (business process outsource) industry we have invested in properties that offer office spaces in Asiatown IT Park, where 75 percent of the locators are holding offices, through our eBloc towers,” he said.
The firm also sees Cebu Business Park as another place for BPO-related properties will rise after it was declared as a Special Economic Zone.
“We expect the same vibrance in Cebu Business Park and we feel that we must continue to invest in these two properties. We are taking advantage of these two banner districts where we expect the growth of Cebu will be concentrated. That is why we are expanding the mall, just imagine the number of people that will be in the area which has 110 lots,” he said.
Monera said there were only 12 lots left in Cebu Business Park, but the firm was not selling them anymore.
“We’re not selling these remaining lots because we feel that this is where we will be putting in more of our investments in the future,” he said.
He siad other lot owners of Cebu Business Park, who were mostly BPO properties, already submitted their development plans.
Monera said the firm was also studying putting up another hotel and a retail segment in Asiatown IT Park.
Monera said that for 2011, the total investment of CHI in the Visayas and Mindanao area is about P12 billion which is spread in key areas in the regions like in Davao, Cagayan de Oro, Bacolod, and in Iloilo.
The firm is developing a 10-hectare property in Davao, a hotel and a condominium project.
In Cagayan de Oro, Cebu Holdings is developing a four-hectare property where they plan to set up a mall.
“In Bacolod all of our brands (Alveo, Avida, Ayala Land Premier, Amaya) are already in the market and in Iloilo, we will soon introduce Avida and a BPO project,” Monera said.
