Vol. XXI, No. 192 [ Business World Online ]
Thursday, May 1, 2008 | MANILA, PHILIPPINES
CEBU CITY — Ayala-led Cebu Property Ventures and Development Corp. (CPVDC) will start its five-hectare project inside the Asiatown IT Park this year to meet the growing office space demand from information technology and business process outsourcing companies.
The expansion is projected to translate to bigger office leasing revenues for the company, CPVDC President Francis O. Monera said. Last year’s leasing revenues reached P57 million, about 15% of total revenues.
"We are far from hitting the peak. What has been completed in the first phase of Asiatown IT Park’s development is just a take-off from CPVDC’s plan for further growth and progress," Mr. Monera told stockholders.
Building continues at the 19-hectare lot — the size of 47 football fields.
Five buildings, which will offer a combined additional gross leasable area of nearly 78,000 square meters, are under construction now. These are the Skyrise 2, TG Tower, i3, a retail building and eBloc Tower.
The eBloc, a 12-storey office condominium, will be completed in the third quarter.
This is a project of newly formed Asian i-Office Properties, Inc. (AIO), a special purpose vehicle created by CPVDC and parent firm Ayala Land, Inc.
The company is also building a 2,500-square meter retail structure that will be completed by the middle of the year. It will host shops, bars, restaurants and other retail outlets that cater to the 24/7 lifestyle at Asiatown.
More locators have set up operations at the IT park. These include NKC Conveyors Philippines Corp., Morph Labs, Rapid Solutions, Inc., Micro D International, Cordia Philippines and the second call center of Convergys Philippines in Cebu.
The entry of more investments generated 11,637 jobs at Asiatown in 2007, Mr. Monera said.
The sale of eight lots last year, which brought in P278.7 million, allowed the company to hit its revenue target after only one quarter.
Total revenues went up by 49% to P371.7 million in 2007 compared. Net income also more than doubled to P172.6 million. CPVDC is a 76%-owned subsidiary of Cebu Holdings, Inc. (CHI). — Marites S. Villamor