Ayala Land Inc. said woll spend P90 billion to fully develop its latest large- scale project in Cebu City, a 26-hectare property it won in partnership with SM Prime Holdings Inc. in 2014.
Dubbed South Coast City, the company will initially spend P30 billion in the next 10 years for land development, according to Anna Ma. Margarita Dy, Ayala Land head for estates.
South Coast City is Ayala Land’s third estate development in the city, After Cebu Business Park and Cebu IT Park.
The company is currently selling commercial lots for its District Square, the only waterside commercial lot offering in Cebu. It covers 2.7 hectares with 11 commercial lots for sale, all ranging from 1,777 to 2,601 square meters (sq.m.).
Ayala Land said that the waterside development South Coast is being positioned “to be the new home of prime entertainment and commercial concepts in Cebu.”
It will be developed by a consortium of SM Prime Holdings, Ayala Land, Inc., and Cebu Holdings, Inc.,
“With this blank slate, we can create something Cebu has not seen before: a best of both world’s scenario. A contemporary development with the latest urban innovations with seaside views, and Cebu’s beaches just a short drive away,” said Dy.
South Coast City will also have a 1.1-hectare park, an 16,000-seater Arena, a convention center, and other recreational facilities.
For District Square alone, the 2.7 hectares portion will have 11 commercial lots for sale, all ranging from 1,777 to 2,601 sq.m.
Iris Josef-Mediano, Ayala Land Estates officer in charge for Visayas and Mindanao, said the block development for District Square will be completed by 2022.
A 4,000 sq.m. park lane pedestrian system will connect the main areas of the commercial center.
Dy said about 30 percent of the property will have a residential component and two to three of the five brands that the Ayala Land portfolio has will be present in the area.
It will also generate “more than 100,000 jobs” about completion, she said.
The land development construction of South Coast City is underway and scheduled for completion in May 2022.
