Group readies P2-billion investments for Cebu
By MALOU M. MOZO
May 14, 2010, 8:05pm
CEBU CITY – Bullishness in Cebu’s business climate has driven real estate conglomerate the Ayala Group of Companies, along with its local affiliate Cebu Holdings Inc. (CHI), to allocate some P2 billion worth of capital expenditures (capex) beginning this year.
Ayala Land Inc. (ALI) president Antonino T. Aquino said the capex is meant to fund major developments of the company to develop more residential, office, and retail businesses in Cebu.
He made this announcement following the CHI 2009 Stockholders Meeting held at the City Sports Club last week.
“Cebu’s economy is vibrant, relative to how CHI is doing here, and the retail sector is performing well. Cebu also continues to be very attractive for BPO investors,” Aquino said.
This year, ALI will partner with CHI and its subsidiary, Cebu Property Ventures and Development Corporation (CPVDC) for the development of five projects.
It was gathered that this partnership will pave way to the presence of the four brands of ALI, the AyalaLand Premier, Alveo, Avida, and Amaya in Cebu with the establishment of three residential condominiums that will be constructed at the Cebu Business Park and the Asiatown IT Park, another BPO building and a mall re-development project.
“The firm will redouble its efforts to take advantage of the opportunities brought by the country’s recovering economy,” said CHI president Francis Monera.
CHI is a publicly listed company engaged in real property ownership, development, marketing and management.
Monera said that at present, they are finalizing plans to add leasable space with an expansion project that will complete the full circle design of Ayala Center Cebu.
The re-development, he said, will provide more leasable spaces for local and international brands to the mall’s merchandise mix.
According to the CHI’s stockholders report, Ayala Center Cebu generated a total revenue of P696.77 million last year, or 19 percent higher than it did in 2008.
Monera attributed this to higher rental rates and sales per-square-meter and the full operation of The Terraces.
Monera disclosed that CHI will also invest in two residential condominium projects located within the Cebu Business Park.
Since all five projects of CHI and CPVDC are lined up for this year or early next year, Monera said that CHI alone is set to pour in P400 million in capex this year.
Last year, CHI registered a consolidated revenue of P1.29 billion and a net income after tax of P302.19 million, lower than the previous year levels.
The after tax margin was at 23 percent compared to the previous year’s 27 percent.
By MALOU M. MOZO
May 14, 2010, 8:05pm
CEBU CITY – Bullishness in Cebu’s business climate has driven real estate conglomerate the Ayala Group of Companies, along with its local affiliate Cebu Holdings Inc. (CHI), to allocate some P2 billion worth of capital expenditures (capex) beginning this year.
Ayala Land Inc. (ALI) president Antonino T. Aquino said the capex is meant to fund major developments of the company to develop more residential, office, and retail businesses in Cebu.
He made this announcement following the CHI 2009 Stockholders Meeting held at the City Sports Club last week.
“Cebu’s economy is vibrant, relative to how CHI is doing here, and the retail sector is performing well. Cebu also continues to be very attractive for BPO investors,” Aquino said.
This year, ALI will partner with CHI and its subsidiary, Cebu Property Ventures and Development Corporation (CPVDC) for the development of five projects.
It was gathered that this partnership will pave way to the presence of the four brands of ALI, the AyalaLand Premier, Alveo, Avida, and Amaya in Cebu with the establishment of three residential condominiums that will be constructed at the Cebu Business Park and the Asiatown IT Park, another BPO building and a mall re-development project.
“The firm will redouble its efforts to take advantage of the opportunities brought by the country’s recovering economy,” said CHI president Francis Monera.
CHI is a publicly listed company engaged in real property ownership, development, marketing and management.
Monera said that at present, they are finalizing plans to add leasable space with an expansion project that will complete the full circle design of Ayala Center Cebu.
The re-development, he said, will provide more leasable spaces for local and international brands to the mall’s merchandise mix.
According to the CHI’s stockholders report, Ayala Center Cebu generated a total revenue of P696.77 million last year, or 19 percent higher than it did in 2008.
Monera attributed this to higher rental rates and sales per-square-meter and the full operation of The Terraces.
Monera disclosed that CHI will also invest in two residential condominium projects located within the Cebu Business Park.
Since all five projects of CHI and CPVDC are lined up for this year or early next year, Monera said that CHI alone is set to pour in P400 million in capex this year.
Last year, CHI registered a consolidated revenue of P1.29 billion and a net income after tax of P302.19 million, lower than the previous year levels.
The after tax margin was at 23 percent compared to the previous year’s 27 percent.
