Ayala unit to kickoff SRP project by 2020

CEBU, Philippines — Following the opening of its second shopping mall in Cebu, Ayala Land Inc., (ALI) announced to start another project at the South Road Properties (SRP) early next year.

ALI vice president Anecito Bisnar Jr, said that the SRP project in partnership with SM Prime Holdings will be expedited to keep up with the robust economic activity in Cebu.

While SM reportedly will build a 16,000-seater convention center, hotels and other developments, ALI will develop condominium buildings for both residential and office markets.

The 26-hectare property within the SRP will be a shared development between the two retail and real estate giants in the country.

Of the P310 billion total development budget of the consortium, P22 billion will go to the City as payment for permits, taxes and other regulatory fees.

In the whole development, 70 percent will be for commercial development and 30 percent for residential.

The project will generate around two million direct and indirect jobs once completed, with 480,000 jobs to come from business process outsourcing companies that will rise in the area. The remaining number will come from indirect jobs such as those in hotels, residential and other business establishments set to rise in the property.

Bisnar reiterated ALI’s strong confidence of Cebu’s economy saying, the opening of its second mall, the AyalaMalls Central Bloc at the Cebu IT Park, is just the start of the firm’s more openings starting 2021.

Cebu City Mayor Edgardo Labella, in his speech during the AyalaMalls Central Bloc grand opening, vowed to extend full support of ALI developments in Cebu. After-all it was ALI through its subsidiary Cebu Holdings Inc., (CHI), which pioneered the development of business districts like the Cebu Business Park and the Cebu IT Park.