MANILA - Ayala Land on Tuesday said it would spend nearly P90 billion for its new development in Cebu, which is being carried out in partnership with SM Prime Holdings and Cebu Holdings.
South Coast City, located within the South Road Properties in Cebu City, is a 26-hectare "waterside" development for mixed-use purposes, Ayala Land said in a virtual briefing.
The development will offer sea-side views and is just a short drive from Cebu beaches. It is also poised to benefit from the upcoming Cebu-Cordova bridge, said Meean Dy, senior vice president and head of Ayala Land Estates Group.
“With the South Coast City, we once again have an opportunity to make a mark and contribute to regional and national progress,” Dy said.
“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,” she added.
Ayala Land said the estate is only 2 kilometers away from the Cebu South Bus Terminal, 4 kms from the Cebu City Seaport and 11 kms from the Mactan Cebu International Airport.
The developers said they would integrate contemporary design and sustainability in the estate which would feature pedestrian and bike lanes as well as wide-open spaces.
The estate will host a commercial center called District Square, a 1.1-hectare park, residential areas as well a convention Center and Cebu's first-ever arena, Ayala Land said.
District Square aims to tap businesses and investors with 2.7 hectares and 11 commercial lots for sale, it said.
Once completed, the entire estate is eyeing to generate about 100,000 jobs, said Ayala Land Estate Visayas head Iris-Josef Mediana.
Mediana said the arena and convention centers would host events that would also boost tourism in Cebu.
“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 CEO Bobby Dy said.
Land development is expected to be completed by May 2022, Ayala Land said.
Ayala Land's net income declined in 2020 due to the COVID-19 pandemic. It's real estate investment trust AREIT fared well last year due to stable leasing properties.