AYALA LAND, Inc. (ALI) is ramping up its expansion outside Metro Manila with the allocation of P46 billion to fund two estates in the Visayas and Mindanao regions. 

Gatewalk Central in Mandaue City, Cebu — www.ayalaland.com.ph

In a statement on Wednesday, the listed property giant said it will be spending P26 billion to develop a 17-hectare estate in Mandaue City called Gatewalk Central. Located inside the Cebu Business Park, the integrated mixed-use development is being developed in partnership with AboitizLand, Inc.

ALI is also allotting P20 billion for the Azuela Cove, a 25-hectare development in Davao City in partnership with the Alcantara group. The company is pouring in an initial P8 billion for the first phase of the project.

“For economic growth to be truly felt by more people, real estate developments should expand beyond Metro Manila. We see this shift as a positive development and Ayala Land is committed to contribute to the transformation and progress through its projects in the Visayas and Mindanao,” ALI Visayas-Mindanao Chief Operating Officer and Aniceto V. Bisnar, Jr. was quoted as saying in a statement.

Mandaue City’s Gatewalk Central will include office buildings, residential developments, retail projects, as well as an Ayala Mall. ALI’s residential brand Avida Land will be the first development to rise in the estate, which will target young professionals and families. The Ayala Mall in Gatewalk Central is slated to open in 2019 and will feature a business process outsourcing office building on top of it.

Aside from Gatewalk Central, ALI will soon launch a 14-hectare estate in Mactan in partnership with the Gaisano Group.

Meanwhile, Azuela Cove is being developed as a waterside lifestyle, business, and residential distrct in Lanang, Davao City. The estate will be divided into three zones: an urban gateway park, a central valley park, and a waterfront park.

The first phase will feature Ayala Land Premier — ALI’s high-end residential segment — St. Luke’s Hospital, a retail center, an events tent that can hold up to 2,000 people, as well as an interim sports facilities area.

Gatewalk Central and Azuela Cove are two of eight projects by ALI located in the Visayas-Mindanao region. Nationwide, the property arm of the Ayala group has a total of 22 estates.

Shares in ALI shed 40 centavos or 0.94% to P42.2 each on Wednesday. — Arra B. Francia

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