Before the year ends, Cebu Holdings Inc. (CHI) subsidiary Cebu Property Ventures and Development Corporation (CPVDC) will open its first commercial and lifestyle complex at the 23-hectare Asia Town I.T. Park.

CPVDC will kick off construction in the next few months, of the 3,000 square-meter land area inside the cyberpark, formerly occupied by lifestyle and night life haven "The Village."

CHI's retail group, the team that currently manages the Ayala Center Cebu (ACC) will manage the facility, which will cater to the different time zone of the Business Process Outsourcing (BPO) population, working inside the I.T. Park. It has a total of 1,800 square-meter leasable area.

"It [commercial/lifestyle facility] should be opened before the end of this year, and in time for the Sinulog Festival next year," said CPVDC president Francis O. Monera.

The 24-hour commercial and lifestyle complex will house dining outlets, convenience stores, "recharging joints" or the spa, and parlors.

According to Monera CPVDC is still going to bid out the construction project, the reason why the exact cost of the entire facility is still not being finalized.

Several food and beverage outlets like Starbucks Coffee, Jollibee, Pizza parlors, among others have already opened at the Park. According to Monera the BPO population is growing, and that opening the new commercial and lifestyle complex would provide wider choices to this different market.

Monera said CPVDC's Asia Town IT Park, the largest cyberpark outside Luzon, has been bullish advancement with the continuing IT boom.

The increasing interest in Asiatown IT Park has brought in more locators in the I.T. and I.T. related industries, as well as facilities and services for its growing workforce.

Based on un-audited financial statement, growth at the Asiatown IT Park contributed largely to CPVDC's net income of P83.5 million, 153 percent higher than that of the previous year.

Last year, the company sold about seven lots. There are about 15 lots currently available for sale.

Of the total 23-hectare, CVPC only fully developed the 18-hectare area. According to Monera the remaining five-hectare will be reserved for developments of support facilities such as hotels, and additional demands for office facilities.

Depending on the market, the company may build condominium facility within the Park, Monera said.

"We can not discount the possibility of putting up one [high-rise condominium], in the future. As of now, we are still calibrating the market," Monera said. Ehda M. Dagooc