MANILA, Philippines - Property giant Ayala Land Inc (ALI) is ramping up its presence in Cebu with a planned leisure-oriented project in Mactan Island in partnership with the Gaisano family.
Under the plan, a joint venture corporation would be formed with ALI taking a 55 percent stake and the Gaisanos’ Vicsal Group owning the balance.
In a statement, ALI said it would convert Vicsal Group’s 12 hectare-property in Mactan Island into an integrated mixed-use complex. It would have residential, retail and hotel components.
“This joint venture opens up another opportunity to work with a strong partner, such as the Vicsal Group, in expanding its presence and further creating value in the rapidly-growing and progressive market in Cebu,” said Antonino T. Aquino, president and chief executive officer of ALI.
Vicsal, primarily engaged in the retail business, owns and operates a chain of department stores and supermarkets popularly known as Metro Gaisano.
Aside from the retail business, Vicsal has also established presence in financial services, stockbrokerage, and real estate development. It is likewise engaged in the pawnshop, travel agency and trucking businesses.
ALI said the project would offer a value proposition which is distinct from other projects of the company in Cebu City.
This partnership follows the joint venture agreement entered into by ALI with AboitizLand, covering the development of several pieces of property in the Queen City of the south.
Located about 570 meters south of Manila, Cebu is considered to be the second most important city in the Philippines next to Manila.
Outside of Manila, Cebu serves as an excellent base for more than 80 percent of the country’s inter-island shipping firms. It has the second busiest airport in the country with regular international flights from South Korea, Hong Kong, Qatar and Singapore.
These twin partnerships are consistent with ALI’s growth strategy of establishing more developments in major areas of the country, Cebu, being one of the most progressive metropolitan areas in the Philippines.
To further strengthen its foothold in Cebu, the Ayalas, together with the Cebu-based Aboitiz clan is set to bid for the P17 billion Mactan-Cebu airport rehabilitation project under the government’s Public-Private Partnership project. For Marketing Accreditation, contact us at +63917.3236123.
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