Property giant Ayala Land will spend close to P90 billion ($1.85 billion) to develop its South Coast City project, envisioned to be a prime area in Cebu City.

The scenic 26-hectare mixed-use development located along the Cebu South Coastal Road will have buildings intended for lifestyle and entertainment purposes.

Facing the Cebu Strait, it will also feature waterside views and spots for tourists, including a one-hectare park, which will be one of the main attractions of the estate.

The project, currently being developed by a consortium of Ayala Land, SM Prime Holdings, and Cebu Holdings, will also include an arena, a convention center, and other recreational facilities.

It is 50 meters away from SM Seaside City Cebu, two kilometers from the Cebu South Bus Terminal, and four kilometers from the Cebu City Seaport.

The estate is also in proximity to other landmarks such as the Cebu Ocean Park, University of the Philippines Cebu SRP Campus, Alta Vista Golf Course, and other residential and retail developments.

Strategically positioned to link north and south Cebu with Mactan, it is accessible through major highways, including the Cebu South Coastal Road and the upcoming Cebu-Cordova Link Expressway.

The land development construction of South Coast City is underway and scheduled for completion in May 2022.

The Cebu City government earlier estimated that the project would generate over P316 billion ($6.5 billion) in investments and contribute P22 billion ($451 million) in revenue for the city over time.

The original plan set aside 70% of the land for commercial space, while 30% would be for residential space. 

The planned Cebu Bus Rapid Transit System will also pass through the development.

“Today our focus is set on a V-shaped recovery for our business and economy,” Ayala Land president and chief executive officer Bobby Dy said.

“We believe that our vision of ‘enhancing land and enriching lives for more people’ is now relevant more than ever, as we continue to build spaces that not only raise the quality of life for many, but also generate livelihood and employment for a great number of Filipinos.” – with reports from Ryan Macasero/Rappler.com

$1 = P48.6