Ayala's Cebu unit to expand retail, BPO spaces

The Ayala-owned Cebu Property Ventures and Development Corp. (CPVDC) is undertaking two major projects in Cebu starting in the second quarter of the year to meet increased demand for leasable commercial spaces from retailers and business process outsourcing (BPO) firms. Francis Monera, CPVDC president, said they will start constructing a new building inside its existing 24-hectare AsiaTown IT Park by next quarter which will be offered to ICT-enabled service firms. The building will stand on a 20,000-square meter lot and will have nine floors for office space and two above-ground parking area. The new structure, which is expected to be completed after a year-and-a-half, will be CPVDC's new site for BPO firms as its 11,000-square meter, single-floor E-Offices, also inside the AsiaTown, is already fully occupied. AsiaTown is host to BPO firms Convergys, E-telecare, People Support, Epson and NEC. Its newest locator-firms are IBM and Microsoft. "We cannot determine the cost of the project yet because we still have to conduct a bidding for the contractors," Monera told reporters at the sidelines Manila Launch of the June 2007 Cebu Business Month at the Makati Shangri-la Hotel. He said other developers are also plan to construct new buildings in Cebu as the demand for space spaces is very high. Aside from the new BPO building, Monera said CPVDC will be spending another P450 million for the expansion of the Ayala Center in Cebu, the centerpiece of which is the redevelopment of the lagoon area into a high-end retail haven in the caliber of Greenbelt in Makati City. The project, which will begin probably early next year, will increase the mall’s leasable area by another 13,000 square meters. The expansion, he said, would house Rustan's Supermarket as well as other local and foreign brands. The lagoon area, Monera added, will be perfect for al fresco dining. - GMANews.TV