Philippines’ Ayala Land To Invest $1.8 Billion In Cebu Waterfront Project

Ayala Land, owned by Jaime Zobel de Ayala, a billionaire, is investing 90 billion pesos ($1.8billion) in a mixed-use residential and commercial waterfront estate on the Cebu island.

According to a statement, Cebu’s real estate giant, this investment reflects the company’s confidence and optimism about the economic prospects of Cebu. Cebu is the second-largest city in the Philippines.

Bobby Dy, president and CEO of Ayala Land, stated that Cebu is one of the fastest-developing hubs in the country.

South Coast City is a project that will be built over 20 years on 26-hectares (260,000 sq. meter) land in the South Road Properties District, a 300-hectare reclaimed area in southern Cebu City.

According to a statement, Cebu’s real estate giant, this investment reflects the company’s confidence and optimism about the economic prospects of Cebu. Cebu is the second-largest city in the Philippines.

Bobby Dy, president and CEO of Ayala Land, stated that Cebu is one of the fastest-developing hubs in the country.

South Coast City is a project that will be built over 20 years on 26-hectares (260,000 sq. meter) land in the South Road Properties District, a 300-hectare reclaimed area in southern Cebu City.

South Coast City is strategically situated within the South Road Properties. It can be reached via Cebu-Cordova Expressway, an 8.5-kilometre highway constructed by Manuel Pangilinan’s Metro Pacific Tollways Corp. The road will connect Cebu City with Mactan Island, where the international airport is located when it is completed in 2022.

Ayala Land, Cebu Holdings and its subsidiary Cebu Holdings partner with SM Prime to develop South Coast City. SM Prime is the country’s largest operator of shopping malls. Henry Sy’s family owns it. This project is located right next to Seaside Mall, a shopping centre that SM opened in 2015.

South Coast City will have a District Square commercial centre. It will be located on a 2.7-hectare parcel within South Coast City. Ayala Land will offer 11 commercial plots in District Square, ranging from 1,777 up to 2,601 square metres to developers.

District Square will include a commercial centre, a park of 1.1 hectares, an arena, a convention centre, and other recreational facilities. South Coast City will also see the construction of residential developments.

Ayala Corporation, Ayala Land’s parent, is the oldest Philippine corporation. It was established in 1834 as a Spanish colony. Jaime Zobel de Ayala is the grandson of a Filipino distiller who later expanded into real estate, banking and telecommunications.

Ayala, aged 86, was the fifth-richest Filipino with a net worth of $3.6 billion when the Philippine Rich List was published. In 2006, he retired, and his son Jaime Augusto Zobel de Ayala took over as chairman. He had been CEO of Ayala Corp. from 1994 to 2006. Fernando Zobel de Ayala assumed the role of chief executive officer in April 2005, and Jaime Augusto remains as chairman.

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Adam Collins
Adam writes about technology, business and economics. With master's degree in Economics, he's presented six papers in international conferences. As a solivagant in the constant state of fernweh, curiosity is the main weapon in his arsenal.

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