With Ayala-SM project underway, SRP eyed as ‘Cebu’s entertainment hub’
CAGAYAN DE ORO CITY, Philippines – The South Road Properties (SRP) may soon become Cebu City’s entertainment hub.
Project proponents from Ayala on Tuesday, June 29, announced that they will be spending around P90 billion for South Coast City, the development by the consortium they formed together with their subsidiary Cebu Holdings Inc., and SM Prime Holdings Inc.
During a virtual press briefer on Tuesday, executives from Ayala Land Estates Group said land development for the 26-hectare mixed-use project is set for completion this March 2022.
They also reported that they are eyeing to complete the block development construction for South Coast City’s 2.7-hectare commercial component, District Square, 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 become Cebu’s “next commercial and entertainment hub.”
“As an epicenter of growth, it is strategically designed to be the commercial and entertainment hub of Cebu,” Dy said.
The development’s highlights included a 16,000-seater arena designed to become the largest indoor entertainment venue in Cebu, a convention center, a 1.1-hectare park, and other recreational facilities.
“With this blank slate, we can create something Cebu has not seen before: a best of both world’s scenarios. A contemporary development with the latest urban innovations with seaside views, and Cebu’s beaches just a short drive away,” added Dy.
Iris Josef-Mediana, head of Ayala Land Estate Visayas, said there were multiple factors that led them to pin SRP as the address for their newest development. These included the availability of land that could be transformed as venues for big concerts and events.
“First, SRP afforded us an opportunity. (Mainland) Cebu City is very tight already, and we really don’t have much space to put the large indoor venues… And (that’s why) SRP is going to be ideal. Very attractive for travelers, and for big concerts and events,” Mediana explained.
Aside from South Coast City, other big-ticket attractions located in SRP included SM Seaside City Cebu, IL Corso Lifestyle Mall, Cebu Ocean Park, and NUSTAR Resort and Casino which is undergoing construction.
NUSTAR is being developed by Universal Hotels and Resorts Inc. (UHRI), a real estate arm under the Gokongwei-led JG Summit Holdings Inc.
Reviving Cebu’s Economy
Meanwhile, Ayala Land President and CEO Bobby Dy said they envision South Coast City as part of the recovery efforts for Cebu’s economy, by generating investments and employment.
“Today our focus is set on a V-shaped recovery for our business and economy. We believe that our vision of ‘enhancing land and enriching lives for more people is now relevant more than ever, as we continue to build spaces that not only raise the quality of life for many but also generate livelihood and employment for a great number of Filipinos,” he said.
“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,” he added.
Once completed and on a full-swing operation, South Coast City is expected to bring in at least 100,000 jobs for Cebuanos, said Josef-Mediana.
“We are also expecting the numbers to grow upon full build-out. The arena and convention center would also mean a boost in Cebu’s tourism,” Josef-Mediana added./ dcb
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