By Richmond S. Mercurio (The Philippine Star) | Updated March 26, 2015 - 12:00am
MANILA, Philippines - Property powerhouse Ayala Land Inc. (ALI) is returning to the Cebu property market with an P8 billion investment for a new mixed-used development.
ALI said it recently broke ground for Central Bloc, a 2.2-hectare development at the center of Cebu IT Park which will be composed of office, retail and hotel components.
ALI president and chief executive officer Bobby Dy said Central Bloc’s start of construction is a landmark event in ALI’s history as Cebu City was the first area outside of Metro Manila where the company started developing mixed-use projects.
“It highlights our commitment to support Cebu City. We envision Central Bloc to be a refreshing hub where business and leisure converge,” Dy said.
ALI said a mall in Central Bloc which would have approximately 43,000 square meters of gross leasable area is set to open in the first quarter of 2018.
“Envisioned to be a refreshing and hip hangout, Ayala Malls Central Bloc will help make Cebu IT Park the hub of convergence for a younger and more active market segment,” the company said.
Likewise, a 12-story Seda hotel which will have 214 rooms and will feature a roof deck bar is slated to open by the third quarter of 2018.
“It will also be the first Seda hotel to cater to long-staying guests with its 58 apartment suites,” ALI said.
Two BPO office towers will also be part of the development, designed for 24/7 operations.
Upon completion in 2019, the two BPO buildings are expected to generate about 14,000 jobs in the sector.
“With Central Bloc, Ayala Land reinforces its commitment of developing masterplanned estates such as Makati, Bonifacio Global City and Cebu Business Park,” ALI said.