AboitizLand Inc. and Ayala Land Inc. are breaking ground on Cebu City Center in June.
The 15-hectare township has retail, residential, and office components primed to be the new urban core in Barangay Subangdaku, Madaue City, Metro Cebu.
Adoni Aboitiz, CEO of AboitizLand, told reporters that the launch was for the entire project.
"We will launch the estate in June, meaning the whole project. The residential [phase] will be developed first, probably toward the end of the year," Aboitiz said.
Aboitiz and Ayala Land, through its subsidiary Cebu Holdings Inc., teamed up for the project with a 50-50 joint venture deal they signed in 2014.
Cebu City Center will have a total of three phases. The first phase cost P2 billion in initial investment.
A major developer in Cebu, AboitizLand recently launched Surya, a mid-end subdivision in Amoa, the company’s latest residential estate.
Spanning 60 hectares in Compostela, Cebu, Amoa is pegged to have seven smaller residential enclaves where homebuyers can choose from a range of townhouses, two-story single detached units, and vacant lots. Units cost P1.7 to P3.1 million; vacant lots cost P5,000 per square meter.
Up to 46% of the land area is relegated to open spaces while amenities include a central park, a clubhouse, three swimming pools, and a playground.
Amoa reportedly raked in P250 million in sales three weeks after its launch in 2015.