By Zinnia B. Dela Peña (The Philippine Star) Updated January 17, 2011 12:00 AM
MANILA, Philippines - Stepping up its geographic expansion into high-growth centers, property giant Ayala Land Inc. (ALI) is building its first high-end residential condominium in Cebu, estimated to cost around P1 billion.
The project, dubbed 1016 Residences, is a 27-story residential tower that will rise on a 2,389-square meter lot located in Cebu’s prime central business district. It will house 109 generously-sized units with 11 special units, priced at between P10 million and P40 million.
Envisioned to be the only upscale condominium in Cebu, 1016 Residences will be the only development with direct access to City Sports Club Cebu and offer usage rights to its residents.
1016 Residences will offer two-bedroom and three-bedroom units with sizes ranging from 98 sqm to 229 sqm. The special units come with a private pool or garden and terrace.
The project, which is in partnership with Cebu Holdings Inc., will break ground before the end of the year and is expected to be completed in the third quarter of 2014.
The group is accelerating its expansion in the Mindanao-Visayas area as part of a strategy to widen its property portfolio in various growth centers in the region which include Cebu, Davao, Bacolod, Cagayan De Oro and Iloilo.
ALI’s two other residential brands, Avida and Alveo have also started to build up its presence in Cebu, which is believed to be the biggest trading center in the Vis-Min area and second in terms of population after Mega Manila.
The group will redevelop the Ayala Center Cebu due to strong demand for retail, office and residential space in the area.