P35B joint venture spells 13,000 jobs

CEBU, Philippines — Ayala Land Inc. and Metro Gaisano Group's Taft Properties Inc., announced to start-off its P35 billion joint venture leisure project on Mactan Island called Seagrove, which is expected to generate 13,000 employment opportunities.

In an official project unveiling ceremony held yesterday at the Shangri-La's Mactan Resort and Spa, the joint venture project of the two conglomerates, which gave birth to Taft Punta Engaño Properties Inc., (TPEPI) commits to support the tourism industry of Mactan.

The 14-hectare development will be the first modern eco-tourism destination in Cebu, setting its 40-hectare mangrove forest as its eco-tourism flagship showcase, said TPEPI president Meean Dy.

The joint venture will initially spend about P4 billion in the next three years to complete the first phase of the coastal leisure estate project. This will host the first boardwalk retail, Holiday Inn Hotel, lagoon swimming pool, and other amenities such as more boardwalks and pedestrian spine.

Cebu Holdings Inc., (CHI) president Aniceto V. Bisnar Jr. said the first phase of the development alone would already provide at least 2,000 jobs. This particular phase is set to be completed by 2020.

"We believe in introducing pioneering concepts and that is why we are very excited for Seagrove. We are introducing something the market has not seen before and it will complement the various existing facilities in Mactan," said Edward Gaisano, chairman and president of Vicsal Development Corporation and director of TPEPI.

Seagrove will be the fourth estate developed by ALI through CHI in Cebu. It joins the Cebu Business Park, Cebu IT Park and the Gatewalk Central — a project currently ongoing in partnership with Aboitiz Land Inc.

Moreover, Seagrove is envisioned to bring various attractions that will bolster Cebu's tourism economy even further. (FREEMAN)