Posted on January 24, 2011 10:42:53 PM [ BusinessWorld Online ]
CEBU CITY -- Ayala-led Cebu Holdings, Inc. yesterday broke ground for the P2.8-billion expansion of its mall, the latest in a string of projects launched by Ayala Land, Inc. and its affiliates and subsidiaries since last year in Cebu.
“This reflects the major interest that Ayala has in Cebu. We are pleased with all our investments here,” said Ayala Land President Antonino T. Aquino.
Mr. Aquino added the firm is continuously on the lookout for opportunities in this city as well as in other areas of Cebu province.
The expansion project will complete the circular design of Ayala Center Cebu and bring merchants from Makati’s Greenbelt 5 and Glorietta 4, among others, to Cebu, said Clavel G. Tongco, senior division head for Ayala Malls. “They (merchants) will have their first stores in Cebu,” she added.
More than 36,000 square meters, about a third of the existing leasable space at the mall, will be added. Construction of the four-level expansion is expected to be completed by 2013.
The new wing will also house a bigger Rustan’s Department Store and Supermarket, which will serve as anchor store. A significant feature will be the garden at the roofdeck, which is envisioned to serve as a “convergence” area.
The mall, which serves as the centerpiece of the 50-hectare Cebu Business Park, has been posting an average revenue growth of 10% year on year, said mall manager Joy Polloso.
This year, another 10% growth is projected on the back of a strong business process outsourcing sector in Cebu, she added.
The bigger mall is envisioned to serve the retail requirements of the growing community at the Cebu Business Park and the nearby Asiatown IT Park.
Ayala Land has brought its residential condominium brands to the two masterplanned communities.
Ayala Land Premier’s 1016 Residences and Alveo will rise at the Cebu Business Park while the twin Avida Towers Cebu is under construction at Asiatown. -- Marites S. Villamor