EVEN of AboitizLand is expanding in Mega Manila, the homegrown developer assured Cebuanos it will continue to pour in projects for Cebu in the coming years. An official said a residential project, one of the developer’s biggest, will be launched in Cebu next year.
“In the next five to ten years, AboitizLand will become a significant player (in the national league)…but there will still be enough projects for Cebu,” said AboitizLand vice president for marketing Charity Joyce Marohombsar.
Earlier this year, the company disclosed in the Philippine Stocks Exchange that it has acquired full ownership of Lima Land Inc. (LLI) after buying out Marubeni Corp.’s 40 percent stake in the Batangas-based company.
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The deal involved “the purchase of 360 million common shares in Lima Land located at an undisclosed price, bringing Aboitiz Land’s total ownership to 100 percent.”
LLI is the developer of the 485-hectare Lima Technology Center, a Philippine Economic Zone Authority-registered economic zone in the Lipa-Malvar area of Batangas.
“As we know, Batangas has been declared as part of the Mega Manila. The expansion and growth is toward the area and we want to bring the brand that we established in Cebu to Luzon,” Marohombsar told reporters. In 2012, AboitizLand moved its headquarters to Bonfacio Global City in Taguig.
In the past 20 years, AboitizLand developed in Cebu 20 projects, a mix of residential and commercial, said marketing and sales team assistant vice president Audie Villa.
Including its industrial developments like Mactan Economic Zone II and the West Cebu Industrial Park in Balamban, the company has already developed over 400 hectares of land in Cebu alone.
On Wednesday, AboitizLand launched the Phase 3 of Priveya Hills, a high-end residential community in Barangay Bacayan in Cebu City.
The P3.2 billion project has five phases, covering roughly 60 hectares in land area.
It is expected to be fully completed in the next three to four years, said Villa.
Lot cuts at Priveya Hills Phase 3 are from 400 square meters to 1,000 square meters, sold currently at P 15,800 per square meter, 26 percent higher than Phase 1 when it was launched two years ago at P12,500 per square meter.
Source: sunstar
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