CAGAYAN DE ORO CITY, Philippines – The South Road Properties (SRP) may soon become Cebu City’s entertainment hub.
The promoters of the Ayala project announced on Tuesday, June 29 that they would spend around 90 billion pesos on South Coast City, developing the consortium they formed with their subsidiary Cebu Holdings Inc. and SM Prime Holdings Inc.
At a virtual press briefing on Tuesday, executives from Ayala Land Estates Group said land development for the 26-hectare mixed-use project is expected to be completed in March 2022.
They also said they plan to complete construction of the South Coast City, District Square, 2.7-hectare commercial component block development by June 2022.
Anna Ma. Margarita Dy, Senior Vice President and Head of Ayala Land Estates Group, said they are positioning South Coast City to be Cebu’s ânext shopping and entertainment centerâ.
âAs an epicenter of growth, it is strategically designed to be Cebu’s shopping and entertainment hub,â said Dy.
Highlights of the development included a 16,000-seat arena designed to become Cebu’s largest indoor entertainment venue, a convention center, a 1.1-hectare park, and other recreational facilities.
âWith this blank slate, we can create something Cebu has never seen before: the best of both scenarios in the world. A contemporary development with the latest urban innovations overlooking the sea and the beaches of Cebu just a few minutes drive away, âadded Dy.
Iris Josef-Mediana, head of Ayala Land Estate Visayas, said several factors led them to choose SRP as the address for their latest development. These included the availability of land that could be transformed into venues for major concerts and events.
âFirst, SRP gave us an opportunity. (Continental) Cebu City is already very tight, and we really don’t have a lot of space to put the big indoor venuesâ¦ And (that’s why) SRP is going to be ideal. Very attractive for travelers and for large concerts and events, âexplained Mediana.
Besides South Coast City, other big-ticket attractions located at SRP included the SM Seaside City Cebu, IL Corso Lifestyle Mall, Cebu Ocean Park, and the NUSTAR Resort and Casino under construction.
NUSTAR is developed by Universal Hotels and Resorts Inc. (UHRI), a real estate arm of JG Summit Holdings Inc, led by Gokongwei.
Boosting Cebu’s Economy
Meanwhile, Ayala Land President and CEO Bobby Dy said they are considering South Coast City as part of efforts to revive Cebu’s economy, generating investment and jobs.
âToday we are focused on a V-shaped recovery for our business and our economy. We believe our vision “to improve land and enrich the lives of more people is now more relevant than ever, as we continue to build spaces that not only improve the quality of life for many. , but also generate livelihoods and jobs for large numbers of Filipinos, “he said.
“As one of the fastest growing centers in the country, we believe this development will not only spotlight Cebu as a destination for future growth, but also improve the experiences and opportunities for Cebuanos. and visitors, âhe added.
When complete and in full operation, South Coast City is expected to create at least 100,000 jobs for Cebuanos, Josef-Mediana said.
âWe also expect the numbers to increase after full construction. The arena and convention center would also mean a boom in tourism in Cebu, âadded Josef-Mediana./dcb
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