CHI maps out more projects for Cebu
Cebu Holdings Inc., an affiliate of Ayala Land Inc., is currently in talks for more projects within the province and Central Visayas.
CHI’s upcoming projects will be funded from the P25 billion capital expenditure allocated by the company for future projects, most probably in partnership with other companies, said ALI chief executive officer Enrique B. Manuel Jr., on the sidelines of yesterday's 2014 Annual Stock Holders Meeting of CHI, held at the City Sports Club Cebu.
Manuel, however stopped short of revealing the partner companies or locations of the properties that CHI is eyeing for its active expansion move.
"We are set to develop more components of the I.T. Park to serve its growing population. Complementing the synergy of live, work, play dynamics is the redevelopment of the two-hectare superblock at Cebu I.T. Park. This will bring in over 172, 000 square meters of gross floor area in the next three to five years. The project will have a regional mall, office buildings and a Seda hotel," said Aniceto V. Bisnar Jr.,.
Bisnar reported to stockholders the company's record-breaking net income, with an all-time high of P530.9 million.
Consolidated revenues rose to P2.3 billion, up six percent from last year's P2.2 billion. Compounded annual revenue growth rate us at eight percent for the last five years.
Last year, the company brought up its leasing portfolio to over 187,000 square meters of retail and office space. CHI's leasing business accounted for 61 percent of company's revenues.
According to Bisnar, the company's leasing business accounted for 61 percent of the company's revenues.
Likewise, sales of residential units also remain strong, prompting the company to launch new developments as planned.
Together with its parent company, ALI, CHI launched 1,559 residential units, last year. It sold 924 units which brought in 237.3 million, contributing 10 percent to the company's revenue.
In the last 27 years, CHI invested at least P40 billion in commercial and residential development in Cebu, with its landmark projects--the 50-hectare Cebu Business Park, the 27-hectare Cebu IT Park. The company is currently building two projects in Mactan Island and Mandaue City, in partnership with the Gaisano Group and Aboitiz-Land Inc., respectively.