Security Bank lends P500-M to Aboitizland

Sunday, 02 March 2008 16:00

Security Bank Corp. has provided a P500-million loan facility to Aboitizland Inc., the real estate arm of the Cebu-based Aboitiz conglomerate.

Aboitizland designs and develops communities for industrial, commercial and medium to high-end residential use.

Aboitizland will use most of the loan proceeds to develop a 1.4-hectare, mixed-use urban village called The Persimmon in Metro Cebu. The residential and commercial project is envisioned to revolutionize urban living standards in Cebu.

A portion of the loan proceeds will be used to support the development of Aboitiz’s business process outsourcing venture called iMEZ, which is located at the Pueblo Verde Commercial Center in Mactan.

“The growth prospect for the property industry in Cebu is truly phenomenal. The increased demand for both residential and commercial development is prompting leading real estate companies to expand their portfolio to match the needs,” said SBC senior vice president Patricia May Siy. “Security Bank recognizes this trend and extends its full support to help property companies respond to the local market demand.”