AboitizLand continues to prop up its portfolio in the south, allocating P1 billion as capital expenditures for the year for a number of projects it is developing in the area.
The amount will be spent for Persimmon Tower 2 and Ajoya residential development, which the company has started constructing on top of other projects that the company is looking at.
"We’re putting up a new tower in Persimmon. We’re (also) looking at a new mid level house and lot program in Mactan Cebu, called Ajoya," said Erramon Aboitiz, Aboitiz Equity Ventures, Inc. president, in an interview.
Aboitiz Equity Ventures and AboitizLand are affiliates, both owned by holding firm Aboitiz & Co.
This year’s capital expenditures is a 20 percent increase from the previous year’s P800 million capex that the company spent for Persimmon Tower 1 and phase 1 of Kishanta subdivision.
Aboitiz, in an interview last year, said they want to build the property business, banking on the group’s more than 700-hectare landbank in the southern capital of the Philippines.
AboitizLand prides itself for being the premier real estate company in Cebu in terms of quality and innovation.
The Persimmon project showcases the company’s active role in the property industry. Persimmon is situated in a two-hectare property in Mabolo, Cebu, where the company intends to build five residential and commercial structures .
The idea is to eventually have four buildings, then the mini mall.
Aboitiz meanwhile said that apart from Persimmon and Ajoya, Aboitiz Land is also looking at "some two-storey town houses" which it will call Pristina North.
AboitizLand is also busy in redeveloping its 70 hectare special economic zone Mactan Export Zone 2 (MEZ2) which is "starting to get locators," said Aboitiz.
"In terms of major project, we don’t have that now, but we are busy in redeveloping our properties like the Mactan Export Zone," he said.
Currently, MEZ2 hosts 48 locator-companies that notably include Lexmark Phils. Inc, Tamiya, Phils., Olympus Optical and Lear Corp..
For details on Aboitiz Land properties, please contact Reby Ramirez @ +63 916.4044.555 / +63 922.883.9308 / +63 919.699.3572 or e-mail her at reby_ramirez@yahoo.com.
Source: Malaya, 11 September 2010
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