Land of Ayala—Controlled by billionaire Jaime Zobel de Ayala and his family — it is investing 90 billion pesos ($ 1.8 billion) to build a mixed-use beachfront commercial and residential property on the central Philippine island of Cebu.
The investment reflects the company’s confidence in the economic prospects of Cebu, the second-largest city in the Philippines, the real estate giant said in a statement.
“As one of the fastest development centers in the country, we believe that this development will not only highlight Cebu as a destination for future growth, but will also elevate experiences and opportunities for Cebuanos and visitors alike,” said the president and CEO of Ayala Land, Bobby. Dy said in a statement.
The project, dubbed South Coast City, will be developed over the next 20 years on a 26-hectare (260,000-square-meter) site within the South Road Properties district, a 300-hectare reclaimed development in southern Cebu City.
South Coast City is strategically located within South Road Properties and is accessible via the Cebu-Cordova Link Expressway, an 8.5 kilometer highway that is being built by the Metro Pacific Tollways Corp of magnate Manuel Pangilinan. When completed in 2022, the highway will link the city of Cebu with Mactan Island. where the international airport is located.
Ayala Land and its subsidiary Cebu Holdings are pursuing the South Coast City development with SM Prime, the nation’s largest mall operator that is controlled by the family of the late retail magnate Henry Sy. The project is right next to the Seaside Mall, a shopping complex that SM opened in 2015.
South Coast City will feature a shopping center known as District Square that will be built on a 2.7 hectare site within South Coast City. Ayala Land will sell 11 commercial parcels in District Square ranging from 1,777 to 2,601 square meters to developers.
In addition to the shopping center, District Square will feature a 1.1-hectare park, an arena, a convention center and other recreational facilities. Residential developments will also be built within South Coast City.
Ayala Land’s parent company, Ayala Corp., is the oldest corporation in the Philippines, with its roots dating back to 1834, when the country was a colony of Spain. Jaime Zobel de Ayala’s grandfather opened a distillery in Manila and later expanded into banking, hotels, real estate, and telecommunications.
Ayala, 86, was ranked the fifth richest person in the country with a net worth of $ 3.6 billion when the Philippines Rich List was last published in August 2020. He retired in 2006, and his son Jaime Augusto Zobel de Ayala, who had been the executive director. of Ayala Corp. since 1994, he succeeded him as president. In April of this year, Fernando Zobel de Ayala assumed the position of CEO and Jaime Augusto continues to hold office.