n City of the South 

One of the city’s most prominent projects is the South Road Properties (SRP), found near the central business district and the port of Cebu. It comprises 300 hectares, with about 240 hectares reclaimed for industrial and commercial use. The spot is registered with the Philippine Economic Zone Authority (PEZA) as a Special Economic Zone. ‘SRP provided the answer to the shortage of developable land in Cebu suitable for commercial business,’ said Filinvest Land Inc.’s investor relations officer Annabelle Arceo in an e-mail.

The developer’s Cebu expansions include Citta di Mare, Grand Cenia Hotel and Residences, Crimson Resort and Spa, Quest Hotel, One Oasis Mabolo, Corona del Mar, Mactan Tropics I and II, and Aldea del Sol. Of these developments, Citta di Mare – part commercial and retail project, part residential resort – is located within the SRP. It is a joint venture of Filinvest with the Cebu City government and is set for completion in 2013.

SM Prime Holdings, Inc. (SMPHI) is another group with an SRP-Iocated project, set for completion in eight years. The company bought 30 hectares of land in the area for P2.7 million, of which 250,000 sq. m. will be used for a mall to be opened in 2013. Moreover, SMPHI invested P20 billion in the SRP itself and P1-billion to put up another mall in northern Cebu. The two malls are being built simultaneously.

As for Ayala Land Inc., their undertakings in Cebu include 1016 Residences, situated in Cebu Business Park; Amara, a seaside residential community; Sedona Parc, an exclusive condominium tower with 114 units; and Avida Towers in Asiatown I.T. Park. Also, Ayala Land’s 25 Alveo Land is creating a multi-tower In development called Solinea in Cebu Business Park.

Meanwhile, Jose Mari Banzon, general manager of Federal Land, Inc. cited the 25-story luxury Marco Polo Residences in Apas, Cebu as one of the firm’s recent successes. ‘The five-hectare property is on top of a hill and boasts a commanding view of the city. It is also the site of our five-star hotel, the Marco Polo Plaza, which is a city landmark. These qualities enabled us to launch a luxury residential product that has sold very well,’ Mr. Banzon said in an e-mail.

Megaworld Corporation is also branching out to Cebu. It is working on a major project near Shangri-La Resort Hotel in Mactan, which is a short drive away from Cebu City. Roland Tiongson, Megaworld’s director for Cebu projects, said in an interview, ‘We’re trying to make a mark in a place near enough to provide convenience, but far enough that it’s not congested.’

After developments like Eastwood City, McKinley Hill and Newport City, the group is crafting another multi-purpose hub called the Mactan Newtown. Inside, One World Center, a 5-story structure for business process outsourcing (BPO), is targeted for completion by the year’s end. Beside the center, Megaworld also plans to build East South Boulevard, a cluster of four residential towers. Offices and retail joints will also line the area.

The Mactan Newtown, hoping to open by the first quarter of next year, is Megaworld’s first project in Cebu. While they already have the support of the local government, the company is now waiting to secure PEZA accreditation. ‘It’s quite a challenge but were positive about it [because] we will able to create a lot of job opportunities for that area,’ said Mr. Tiongson.