ALI, Aboitiz allocate P10b in Cebu project

Aboitiz Land Inc

CEBU City—Cebu District Property Enterprises Inc., a joint venture of property developers Ayala Land Inc. and Aboitiz Land Inc., is spending P10 billion to develop the initial phase of Gatewalk Central, a 17.5-hectare mixed-use development in Mandaue City, Cebu.

Ayala Land president Bernard Vincent Dy said during the launching of the project here that Gatewalk Central, which would consist of residential, office and shopping components, represented the company’s confidence in Mandaue as an emerging growth city.

“We are very excited about this development. Once completed, its character and features are something the local market has not seen before,” Dy said.

Phase one of the project involves the construction of a residential tower under Avida brand, an office development with 20,000 square meters of leasable space and a shopping mall with 115,000 square meters of leasable space that will feature Landmark department store as its anchor tenant.

The BPO office building will be situated on top of the mall and will open by 2019.

The project is estimated to generate about 1,300 jobs during the construction stage.  This will rise to 9,000 jobs once the mall and office components are operational.

The residential development will target young professionals and families and will be launched in the second half of the year.

“This has been a very strategic partnership for us, as we share a lot of common values in building sustainable communities,” Aboitiz Land president and chief executive Andoni Aboitiz said.

Ayala Land said Gatewalk Central reinforced its commitment to developing master planned estates such as Makati central business district, Bonifacio Global City and Cebu Business Park while Aboitiz Land said it fortified its purposes towards nurturing local communities through strong pioneering concepts.

Ayala Land and Aboitiz Land finalized a deal in 2014 to develop a new urban enclave in Mandaue City.

The groundbreaking ceremony for Gatewalk Central was also attended by officials from the provincial government of Cebu led by Gov. Hilario Davide III, officials of the Mandaue City government led by Mayor Jonas Cortes and the management teams of Ayala Land and Aboitiz Land.

Dy said Ayala Land was also looking at the possibility of bringing its hotel brand Seda to Cebu City.

Dy said the group may put a Seda hotel within the 12-hectare property in Mactan, Cebu which is a leisure-oriented mixed-use community project in joint partnership with Vicsal group of the Gaisano family.

Source: http://thestandard.com.ph/business/207515/ali-aboitiz-allocate-p10b-in-cebu-project.html