AYALA Land Inc. feels confident that this year will be a better year.
Bobby Dy, executive vice president of Ayala Land, said the property industry is propped by a rising gross domestic product and low interest rates, among others.
Ayala Land president Antonino Aquino said the property market shows no indication of a slowdown, prompting the group to set aside a capital expenditure of P37 billion.
Ayala Land recently announced that it almost doubled its capital expenditure budget for Centrio, a joint venture development with the Anflo Group in Cagayan de Oro, to P4.7 billion from the initial P2.5 billion.
Aquino said P3 billion has been allotted for the mall, P800 million for a residential tower, P700 million for a hotel and P200 million for an office building.
Being developed on a 3.7-hectare lot right in the city’s central business district, Centrio will serve not only Cagayanons, but also the Northern Mindanao market and tourists who visit the area.
Centrio Mall will be the first mall in Cagayan de Oro to bring popular international and local brands with home-grown concepts. Set to open in the last quarter of 2012, the mall will have over 400 stores, a gross floor area of 64,000 square meters and a gross leasable area of 44,000 sqm.
ALI will also build Centrio Tower, the first high-rise residential development in the city. The 23-storey residential building will offer 550 units at a selling price of P75,000 per square meter.
It offers studio, one bedroom, and two bedroom units ranging from P1.8 million to P4.4 million, making these suitable for young couples, professionals, and small families. Units will be turned over by the fourth quarter of 2015.
Meanwhile, ALI’s Kukun Hotel will cater to contemporary business and leisure travelers. It will also open its doors in the last quarter of the year and offer 150 guestrooms, consisting of 136 standard rooms and 14 suites.
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