REAL ESATE LAWS AND REFERENCES 5.4

More Cebu malls sprout, expand

CEBU is set to become an emerging shopping destination in the Philippines as existing mall operators are expanding and new ones are set to rise in the different parts of the province in the coming years.

Ayala Center Cebu mall developer Cebu Holdings Inc. (CHI) president and chief executive officer Francis Monera said Cebu’s shopping market has been “tremendously” growing not only in Metro Cebu but in other key cities and towns in the province.

“There is a lot of money in Cebu. Offer something of value and it’s taken,” Monera said.

Capitalizing on the demand for additional mall space to cater to the growing mall shoppers and vendors, CHI earlier mulled another expansion plan for Ayala Center Cebu to complete the original development of the Cebu Business Park (CBP).

Monera earlier said the Phase 2-B project will begin by March or April this year, starting with a study on how to develop a concept for another shopping mall expansion.

Monera, however, clarified that total project cost is yet to be determined (and not the P2-billion which was previously reported).

Following the “face lift” of the Ayala Center Cebu mall-with the opening of the three-story annex in the middle of 2006 and the re-designed al fresco lagoon area in the first quarter of this year-Cebuanos will soon enjoy a more expanded shopping mall in the next few years, completing the development of CBP’s 9.6-hectare super block.

Expansion and renovation of its mall in Cebu is part of CHI holding company, Ayala Land Inc.’s efforts to stamp the Ayala mall brand on all its malls, which have been regarded as the Ayala retail group.

In the downtown area, Cebu Central Realty Corp. (CCRC) is currently undergoing phase two of its expansion project for its mall venture Elizabeth Mall (E-Mall).

CCRC president and chairman Augusto Go earlier said some 5,000-square meters of leasable spaces are currently under construction at the eastbound Sanciangko area of the mall’s property.

About 80 units of stalls, excluding kiosks and carts, are projected to be accommodated in the four-story wing which has an additional basement parking of 2,445 square meters.

The expansion project is slated to open within the first quarter of the year.

Other cities, towns

Other than Ayala Center Cebu and E-Mall, shopping centers are also sprouting in other cities and towns in Cebu.

Another mall developer, Golden Great Value Properties (GGVP) is set to launch next month phase one of Parkmall@168 (Parkmall) located at the Mandaue City reclamation area.

GGVP chairman Carlos Co said the mall involved an investment of P300 million to P400 million.

Parkmall will feature a rotunda, ala Fuente Osmeña, amid a park setting where people can stroll, shop and dine al fresco, and enjoy the scenery.

Christopher Tio, Parkmall business development director, said the concept of a Fuente Osmeña park is set to bring back an “experience of our childhood,” since parks like Fuente and Plaza Independencia are popular hang-outs since the 1980s.

Aside from the piazza and SaveMore supermarket, Parkmall will also feature a kids’ village and a tourist and traveler center, which will be equipped with hotel check-in desks, airport and seaport shuttle service, lockers and showers. The mall will be able to accommodate about 700 cars in its parking lots.

Apart from the cities of Mandaue and Cebu, the municipality of Consolacion welcomed Fooda Mall late last year.

Foodasaversmart Inc. completed the construction of its P200-million business and commercial center that is said to compete with existing mall developments by multinational companies.

“The presence of Fooda here in Consolacion will certainly contribute to the coffers of the municipality in terms of business taxes and other regulatory fees,” Consolacion Mayor Avelino Gungob said.

For his part, Edward Gaisano, vice president for operations of the Metro Gaisano group of companies, said Cebu’s retail market will continue to be upbeat this year.

Gaisano said the province has a “favorable” economic climate which has become a magnet for more developments in the retail sector evidently shown in the expansion of malls, food and garment outlets, as well as the entry of new players.

The Metro Gaisano group is still eyeing feasible areas for supermarket or mall-type developments not just in Cebu but in other parts of the country.
Article source: Sun.Star Cebu