Cebu on the High-Rise. As Cebu continues to grow in economic activity, it’s no wonder that big-time developers have shown interest in the Queen 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.
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.
SM Prime Holdings, Inc. (SMPHI) is another group with an SRP-located 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 Alveo Land is creating a multi-tower development called Solinea in Cebu Business Park. The 25-story luxury Marco Polo Residences in Apas, Cebu as one of the firm’s recent successes.
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..

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