ABOITIZ Infracapital, Inc. is planning to begin construction for the next phase of LIMA Estate expansion as early as 2025 or once the fourth phase of the project becomes significantly occupied.
“From what we have been communicating to our locators [at the fourth phase], they should be able to start constructing by January 2025,” said Aldwin Chestor Y. Dumago, industrial business operations head of LIMA Land, Inc.
LIMA Estate is an 800-hectare Philippine Economic Zone Authority–registered economic zone developed by Aboitiz-led LIMA Land.
Mr. Dumago said a lot needs to be fully developed before turnover to the locators, which means that the roads have been completed and the utilities such as power, water, telecommunications, and drainage system have been fully set up.
“Once these are ready, then they can move in, [and] we can turn the property over to them. When we already welcome our locators to this site, I hope by then, this is already fully taken up. That is why we can start developing the other site because we will not develop until there is significant take up as we also need to check the market and the demand,” he said.
He said that the group already received interest for lots in the fourth phase of the project even two years before the target completion.
“At this point, as we are discussing, there are already reservations for the lots. Industrial lots are selling like hotcakes now given the investment promotions that the administration has been doing,” he said.
“As soon as this is taken up, then we will probably open another 50 or another 100 hectares, it will depend,” he added.
The fourth phase of the LIMA Estate expansion covers the development of almost 100 hectares of land, which could translate to 40,000 direct and indirect jobs.
“How we are looking at it is whenever we develop let’s say 100 hectares, it can easily generate up to 40,000 jobs both directly and indirectly from the start of construction all the way until it starts its operations,” Mr. Dumago said.
“As it is, we are already at about 172 locators, which are a combination of operating, constructing, those who have recently purchased with us, and even those that are renting some of the warehouses and the standard factory buildings,” he said.
He added that the company is planning to replicate its central business district and commercial area in the latter phases of the expansion.
“We do not have the full details at the moment, as to how big it will be or what exactly the future of that will be,” he said.
Once fully developed, the whole of the LIMA Estate will stretch up to other cities and municipalities such as Sto. Tomas in Batangas and Alaminos in Laguna, leading to discussions about whether the economic estate should change its name.
“For the longest time, LIMA has been situated in between the two local governments or jurisdictions — Lipa and Malvar. So I think the branding is something we are looking at, it might evolve to something else,” Mr. Dumago said.
“We’re currently at 826 hectares and we will expand to 1,500 in the next 10 years,” he added. “We are still bullish about our development. We will be there by 2033.” — Justine Irish DP. Tabile