The proposed 1016 Residences, a 23-level tower, will rise behind the Ayala-owned City Sports Club inside the 50-hectare masterplanned business park and will be the first condominium building under the Ayala Land Premier brand outside Metro Manila.

Eunice V. Acejo, marketing head for Ayala Land Premier, said the firm will start preselling the 109 units in December, and targets to break ground by January next year.

"This is aligned with the overall thrust of Ayala Land to expand its geographical footprint," she said.

Ayala Land President Antonino T. Aquino earlier said the company aims to bring all its four brands to Cebu and, in partnership with Cebu-based unit Cebu Holdings, Inc. and subsidiary Cebu Property Ventures and Development Corp., will spend about P2 billion every year starting next year to accelerate the development of Cebu Business Park and Asiatown IT Park.

Avida Land, Inc. has started the construction of its twin 25-storey residential towers at Asiatown, a 29-hectare cyberpark developed by Cebu Property. Avida Towers Cebu will be completed in 2013.

Alveo Land, Inc., meanwhile, will launch its first condominium project in Cebu in December. The Alveo project will also rise at the Cebu Business Park.

Ayala Land will eventually bring its lower-cost Amaia residential brand to Cebu.

By: Marites S. Villamor
November 18, 2010
Business World