REAL estate giant Ayala Land Inc. will spend close to P90 billion for its third business district in Cebu that will be located at the South Road Properties (SRP) in Cebu City.
In a media briefing on Tuesday, June 29, 2021, Anna Ma. Margarita Dy, senior vice president and head of Ayala Land Estates Group, said the continued investment in Cebu reflects the group’s confidence to “move ahead” after more than a year of expansion pause due to the Covid-19 pandemic and to reiterate its commitment to “stay in Cebu for the long haul.”
Dubbed the South Coast City, this 26-hectare waterside development is poised to be the new home of prime entertainment and commercial concepts in Cebu.
It is strategically located along the SRP and can be accessed via the new Cebu–Cordova Link Expressway which is expected to be completed by 2022.
Developed by a consortium of SM Prime Holdings, Ayala Land Inc. and Cebu Holdings Inc., this Peza-accredited business district aims to contribute to Cebu’s economic recovery efforts by further enhancing the province’s offerings and generating significant employment and investments.
Of the 26 hectares, 70 percent will be dedicated to commercial use while the rest will be allocated for residential projects.
“With this blank slate, we can create something Cebu has not seen before: a best of both worlds’ scenario. A contemporary development with the latest urban innovations with seaside views, and Cebu’s beaches just a short drive away,” Dy said.
South Coast City will feature a commercial center known as District Square, a 1.1 hectare park, an arena, a convention center and other recreational facilities.
The District Square is the only waterside commercial lot offering of Ayala Land inside the South Coast City. This 2.7-hectare commercial development offers 11 commercial lots for sale ranging from 1,777 to 2,601 square meters.
Ayala Land said this presents an opportunity for business growth among investors, corporations and entrepreneurs.
Dy said the group is banking on the recovery of inflow of foreign direct investments (FDI) into the Philippines, especially in Peza-accredited zones and the passage of the Corporate Recovery and Tax Incentives for Enterprises Law to boost business prospects for South Coast City.
“Today our focus is set on a V-shaped recovery for our business and economy. We believe that our vision of ‘enhancing land and enriching lives for more people’ is now relevant more than ever, as we continue to build spaces that not only raise the quality of life for many, but also generate livelihood and employment for a great number of Filipinos,” Ayala Land president and chief executive officer Bobby Dy said.
Debt watcher S&P Global Ratings said foreign direct investment (FDI) inflow may pick up this year amid the continued rollout of Covid-19 vaccines.
“We expect FDI in the Philippines to recover in 2021, thanks to wider deployment of vaccines, which will reduce uncertainty and enable economic activities to normalize,” the S&P said in a statement.
Meanwhile, land development of South Coast City is underway and scheduled for completion in May 2022.
The block development construction of District Square, on the other hand, is already more than halfway through and is targeted to be completed by June 2022.
Ayala Land expects to generate more than 100,000 jobs for the full build out-of this development. (KOC)