ALI to spend P90 billion for South Coast City development

MANILA, Philippines — Ayala Land Inc. (ALI), the property arm of the Ayala Group, plans to spend almost P90 billion for the development of a mixed-used estate at the South Road Properties in Cebu City.

In a virtual press briefing yesterday,Ayala Land Estates VisMin officer-in-charge Iris Josef-Mediano said land development of the South Coast City is underway and is set to be completed in May 2022.

The 26-hectare waterside project is being developed by a consortium of SM Prime Holdings, Ayala Land, Inc., and Cebu Holdings, Inc.

Mediano said the P90 billion would be spent by ALI alone.

“Our arrangement with SM is that we fund our own development, and they fund their own development,” Mediano said.

Anna Ma. Margarita Dy, SVP and head of the Ayala Land Estates Group, said the parties have agreed on a masterplan, but have the freedom to decide on how to develop their own parcels within the property.

“I think we agreed on the big picture, on the masterplan, on the general development guidelines, and at the same time, approved how we will do our own development,” Dy said.

She said both parties would have leeway to do their respective developments in the estate.

The mixed-use estate will feature a commercial center dubbed as the District Square, which will have a 1.1-hectare park, an arena, a convention center, and other recreational facilities which cater to different age groups and varied interests.

For its District Square. ALI is offering 11 commercial lots for sale,ranging from 1,777 to 2,601 square meters.

The block development construction of District Square is already more than halfway through and is targeted to be completed by June 2022.

Meanwhile, South Coast City will also house Cebu’s first-ever Arena, which is being constructed as the future go-to destination for safe recreation and events.

The estate will also feature a 4,000 sqm park lane pedestrian system which will connect the main areas of the commercial center, thus promising convenient foot travel for professionals even during the busiest days.

“This will amplify the unique Cebu metropolitan coastal experience – a premier integrated estate in a waterside setting,”the company said.

Dy said the South Coast City aims to contribute to Cebu’s economic recovery efforts by further enhancing the region’s offerings and generating significant employment and investments.

For his part, ALI president and CEO Bobby Dy said the company is set on a V-shaped recovery for its business and the economy.

“We believe that our vision of ‘enhancing land and enriching lives for more people’ is now relevant more than ever as we continue to build spaces that not only raise the quality of life for many, but also generate livelihood and employment for a great number of Filipinos,” Dy said.

“As one of the country’s fastest developing hubs, we believe this development will not only put a spotlight on Cebu as a destination of future growth – but will likewise elevate experiences and opportunities for Cebuanos and visitors alike,” he said.

South Coast City stands only 50 meters away from SM Seaside City Cebu Mall, two kilometers from the Cebu South Bus Terminal, four kilometers from the Cebu City Seaport and just 11 kilometers from Mactan Cebu International Airport.