Ayala Land, SM Prime to pump P90 billion into Cebu project

Cebu, City—Two property giants with vastly different design and planning mindsets are currently building a 26-hectare waterside development envisioned to be the new home of prime entertainment and commercial concepts in Cebu.

The two developers, derailed briefly by the one and a half-year-old COVID-19 pandemic which stymied much of the real estate industry, will be spending close to P90 billion to spruce up the mixed-use estate, featuring a commercial center (also known as District Square), a 1.1-hectare park, an Arena, a convention center, and other recreational facilities.

Ambitious endeavor

The consortium, made up of SM Prime Holdings, Ayala Land, Inc., and Cebu Holdings, Inc., have dubbed the project, South Coast City, an ambitious endeavor that aims to shore up Cebu’s economic recovery efforts by enhancing the region’s offerings, and generating employment and investments.“With the South Coast City, we have an opportunity to make a mark and contribute to regional and national progress,” said Anna Ma. Margarita “Meean” B. Dy, senior vice-president and head of Ayala Land Estates Group, at a zoom press briefing this week.  

A blank slate with enormous potential

The estate is 50 m away from SM Seaside City Cebu Mall; 2 km from the Cebu South Bus Terminal; 4 km from the Cebu City Seaport; and just 11 km from Mactan Cebu International Airport. It is accessible through major highways including the Cebu South Coastal Road and the upcoming Cebu-Cordova Link Expressway or CCLEX (3rd Mactan Bridge).

It is also close to other landmarks such as the SM Seaside City Cebu, Cebu Ocean Park, UP Cebu SRP Campus, Alta Vista Golf Course, and other residential as well as retail developments.  “With this blank slate, we can create something Cebu has not seen before:   a best of both world’s scenarios,” explained Dy. “

A contemporary development with the latest urban innovations with seaside views, and Cebu’s beaches just a short drive away,” Dy said that as with other Ayala Land estates, South Coast City’s design will integrate sustainable features such as an inclusive pedestrian and bike experience, convenient access points and transit options, wide-open spaces, and a 1.1-hectare park. It will also be complemented by shopping and dining concepts, and covered walkways with scenic views and features.

Cebu’s first-ever arena in the works

District Square covers 2.7 hectares with 11 commercial lots for sale, all ranging from 1,777 to 2,601 sqm.  A 4,000 sqm park lane pedestrian system will connect the main areas of the commercial center, thus promising foot travel among professionals even during the busiest days. This will amplify the Cebu metropolitan coastal experience – a premier integrated estate, in a waterside setting.

South Coast City will also be the venue for Cebu’s first-ever Arena, which will soon open as a place of convergence for many of the region’s events. 

Spotlighting Cebu

As one of the country’s fastest developing hubs, we believe this development will not only put a spotlight on Cebu as a destination of future growth—but will likewise elevate experiences and opportunities for Cebuanos and visitors alike,”  said Ayala Land president and CEO, Bobby Dy.

The land development construction of South Coast City is underway and scheduled for completion in May 2022.    The block development construction of District Square is targeted to be completed by June 2022.

Source: Manila Standard