ABOITIZ InfraCapital, Inc. is set to start commercial development of its West Cebu Estate in Balamban, Cebu by the third quarter of 2023.
“The next phase of development will be the introduction of a Central Business District, envisioned as the new urban center of Balamban,” said Rafael Fernandez de Mesa, Aboitiz InfraCapital economic estates head and Cebu Industrial Park Developers Inc. president, in a press release.
The 540-hectare West Cebu Exchange is a mixed-use economic estate that will also add retail, food, services, a supermarket, and a transportation hub in its commercial complex.
“Initially, there will be a neighborhood commercial complex that features a supermarket, transportation hub, and shops providing other basic necessities for the community,” Mr. Fernandez de Mesa said.
He added that the sale of commercial lots would follow after the development, which seeks to cater to a mix of office, institutional, and residential functions.
The estate is currently expanding its industrial area by 39 hectares and is set for completion by 2024. The industrial expansion is expected to create 14,000 new jobs in the area.
“Currently, the expansion is 6% ahead of its construction progress versus initial forecasts, allowing the new locators to begin construction of their respective facilities by April 2023,” the company said.
Meanwhile, Aboitiz InfraCapital is set to expand its economic zone in Batangas province, seeking to double its footprint in the next 10 years.
Mr. Fernandez de Mesa said earlier that LIMA estate has ongoing plans to expand the 800-hectare mixed-use economic zone.
The estate has grown from the initial 374 hectares in 2013 to 800 in 2023. It is in the process of expansion with 150 hectares of land currently in development.
The company also has another economic estate location in Cebu — the 63-hectare MEZ2 Estate in Lapu-Lapu City. — Adrian H. Halili