MANILA, Philippines - Cebu Holdings Inc., an affiliate of property giant Ayala Land Inc., has obtained a P2.8-billion loan from Bank of the Philippine Islands to fund a mall project in Cebu.
In a disclosure to the stock exchange, the company said loan proceeds would go to the second phase of the Ayala Center Cebu redevelopment, which is expected to cost approximately P2.97 billion.
Construction will begin this month and end by the third quarter of 2013.
"The planned expansion will complete the circular design of the mall which also serves as the centerpiece of the mixed-use development within the masterplan of Cebu Business Park," Cebu Holdings said.
The mall will bring an additional 36,000 square meters of gross retail leasable area, the firm added.
The Ayala group currently has residential condominium projects in Cebu under Avida and Alveo brands as well as upscale Ayala Land Premier.
Amara, a high-end seaside community, was its first residential project in the province.