P20-B investment for Azuela Cove
The Aviana Development Corp., a joint venture partnership between Ayala Land and The Alcantara Group of Companies, will be initially investing P20 billion for the development of the Azuela Cove in the next ten years.
"Given the scale of Azuela's ambition, we and our partners are projected to invest around P20 billion to activate Azuela Cove over the next eight to ten years, as well as open fresh investment opportunities," said Enrique B. Manuel, Jr., Ayala Land assistant vice president and Azuela Cove estate head, during a media briefing on the development at the project site.
Around P2.8 billion will be allotted for estate land development, cove construction, and retail construction. Some P2.7 billion will be spent for the construction of the Phase 1 of an Ayala Land high rise condominium. Then, around P2.5 billion will be allotted for the establishment of the St. Luke's Medical Center. The remaining P12 billion will be allotted for developments beyond 2021, which will include cove development, additional retail construction, and additional towers.
"The huge capital outlay is expected to fuel greater social change and inclusion for more Dabawenyos, expecially those who are still not part of the economic mainstream," Manuel said.
Located in Lanang, Davao City, near the intersection of J.P. Laurel and R. Castillo, Azuela Cove's initial locators include The Shops at Azuela Cove, The Tent at Azuela cove, Ayala Land Premier Condominiums, and St. Luke's Medical Center.
The Shops at Azuela Cove has a total gross leaseable area of around 4,000 square meters (sqm.)and will be implemented in phases. The first phase of 1,650 sqm. is set to open within this year. The Shops will focus on local homegrown food favorites as well as classic national and international food choices.
The Tent at Azuela Cove is a 2,000 sqm. air-con-
ditioned events tent that can cater to a 1,500 person event.
Ayala Land Premier (ALP) will spearhead the development of the first condominium tower in Azuela Cove. The residential tower will offer residents a view of the Davao Gulf and Samal Island.
Dr. Gary Cortez, St. Luke's Medical Center chief executive officer, said their hospital here will have around 250 to 350 bed capacity and will feature the latest medical technology. This will be their third hospital in the country. The hospital is targeted to start operations by 2022.
The Azuela Cove will also feature a Sports Hub, which includes a soccer field, multipurpose court for basketball and volleyball, and lockers rooms and shower. The development will also have an open park for jogging and outdoor activities.
"Azuela Cove will be a new master-planned estate unlike any that we have designed before. It will offer the residents and visitors of Davao a unique waterside experience in a naturally beautiful setting enhanced by worldclass design," Manuel said.