CBP reports accelerated development

By Katlene O. Cacho
Thursday, October 13, 2011

AYALA-LED Cebu Business Park (CBP) reported an accelerated growth in construction this year with six ongoing developments and two more to start within the year.

Property developer Cebu Holdings Inc. (CHI) said that upon completion, these projects will bring in a total of over 118,000 square meters (sq.m) of gross floor area for office, residential and commercial purposes.

Its major project, the Ayala Center Cebu expansion, is expected to bring in over 36,000 sq.m. of additional leasable space. CHI said the expansion, which is set to be completed by 2013, would strengthen the mall’s positioning as shopping, dining and entertainment destination in Cebu.

CHI also reported that City Sports Club is also undergoing major enhancement.

CHI is a subsidiary of AyalaLand Inc.

For its residential components, CHI said construction of AyalaLand Premier’s 1016 Residences and Alveo’s project Sedona Parc are both underway. The two projects are scheduled to be completed in 2014.

1016 Residences is a 24-storey residential condominium that will have 109 units of “country club living” while Sedona Parc is a 21-storey building that will offer 114 units of “designer living.”

Also under construction are residential condominiums Avalon and Calyx Residences.

The company said the buildup of both residential and property developments at CBP is fueled by the confidence and optimism of local investors on the country’s booming real estate industry as well as CBP’s accreditation from the Philippine Economic Zone Authority (Peza) as an information technology (IT) Park.

Largest

The CBP is currently the largest operating Peza-accredited IT park in the country that houses top local and international corporations ranging from major banks and IT-BPO companies.

In a separate interview, Senator Ferdinand “BongBong” Marcos Jr. said the real estate industry (both property and residential developments) will continue to sustain its growth in the short and medium term.

He cited the strong inflow of overseas remittances and expansion of BPO companies as factors that would affect the demand of more office, commercial and residential requirements in the country.

Philippine Association of Real Estate Board president Ariel Martinez said that real estate in Cebu is growing at an average of 15 to 20 percent, which is faster than that of Manila. He said while Metro Manila is becoming saturated, the trend of developments now is directed towards regional areas.

Published in the Sun.Star Cebu newspaper on October 14, 2011.