Ayala Land on the lookout for new opportunities in Cebu

Business Mirror
Tuesday, 16 December 2008 21:33


PROPERTY developer Ayala Land Inc. (ALI) is looking at more opportunities to expand its presence in Cebu after the phenomenal success of its first foray in the island 20 years ago.

ALI chairman Fernando Zobel de Ayala told reporters that they are very happy with their first investment in Cebu, the Cebu Business Park, two decades ago which has now become the city’s business, financial and shopping center.

“We are very happy with this investment which we pursued aggressively. I’m happy with it; we’ve been happy with the developments in area and the partners we’ve had,” Ayala said.

“We always look for opportunities to do different things. There will be more to come. We are optimistic about the development of Cebu and we have always wanted to be part of it,” he added.

ALI, through its Cebu affiliate Cebu Holdings Inc. (CHI) held a triple celebration on Monday with the reopening of the Cebu City Marriott Hotel, the launching of the Terraces of the Ayala Center Cebu and commemorating the 20th anniversary of CHI.

In his message, the ALI executive said there was no doubt the investment they made 20 years ago when the government-owned Club Filipino de Cebu golf course complex paid off. The move was the biggest investment the company made outside Metro Manila at that time.

“What really created a successful community are the partners that we worked with the developments that are built and how they serve the people within and around the community. We have been so fortunate to be able to work with so many investors and partners who believe in the same philosophy,” he said.

“We hope you will agree that the Cebu Business Park and all the developments within it have become an integral and exciting part of this dynamic city. Our work is far from over,” said the ALI official.

The publicly listed CHI runs the 50-hectare business park as well as the City Sports Club Cebu, Cebu City Marriott Hotel, high-end lighthouse community Amara, office buildings Cebu Holdings Center and Ayala Life-FGU Center Cebu as well as residential condominiums Park Towers 1 and 2.

CHI has also entered a joint venture project with the Cebu provincial government to form the Cebu Property Ventures Development Corp. which runs the Asiatown IT Park.

CHI president Francis Monera said the company is set to surpass its growth record as well as last year’s P1.28-billion gross revenue. He said out of the 110 commercial lots in the business part, only 12 remain in their inventory as the uptake of the properties continue to be brisk.

All the properties at the Asiatown IT Park have also been sold.