Two sister companies of the Ayala Group of companies have become partners to develop five major projects in Cebu City in the coming years.

Cebu Holdings Inc. (CHI) and Cebu Property Ventures Development Corp. (CPVDC), both affiliates of Ayala Land Inc., will focus their development projects in two Ayala properties – the Cebu Business Park and the Asiatown IT Park.

CHI president Francis O. Monera and CHI chairman Antonio T. Aquino announced the partnership after the CHI annual stockholders meeting at the City Sports Club yesterday.

“Jointly our capex (capital expenditures) this year is about P2 billion for the five projects that we’ll be developing together with CPVDC,” Aquino said.

CHI developed the Cebu Business Park while CPVDC developed Asia Town IT Park in barangay Lahug, Cebu City which are considered the areas where most major business establishments are located.

“The five projects which we will be doing together includes a residential project in the IT Park which we have partnered with Avida, two residential condominium towers in the Park Tower area in Cebu Business Park, a BPO building in IT Park which is a sequel to e-Bloc, and the redevelopment of Ayala Center Cebu,” Monera said.

According to the two officials, the focus of the Ayala group will be concentrated in the two properties, Asia Town I.T. Park and Cebu Business Park, noting that the growth drivers, which are the Business Process Outsourcing (BPO) companies, are concentrated in these areas. Read more...

By Aileen Garcia-Yap (globalnation.inquirer.net)