Posted on August 05, 2015 09:27:00 PM [ BusinessWorld Online ]
THE VICSAL Group of Companies is building Metro department store and supermarket near the township of Megaworld Corp. in Iloilo.
Gaisano-led Metro Retail Stores Group, Inc. bought roughly 9,000 square meters of commercial property within Iloilo Business Park, Megaworld said in a statement.
The Gaisano group expects to realize synergies from its partnership with the property company of tycoon Andrew L. Tan.
The Cebu-based firm has embarked on an aggressive expansion program in the last four years that saw the company expand its retail footprint to 30 locations as of last year from only 8 in 2010.
In the next three years, the township will be home to around 40,000 business process outsourcing (BPO) workers, a ready market for retail establishments.
“As one of the largest retail chains in the Visayas, they will be able to provide a wide variety of retail offerings to the growing population of the township,” said Kevin L. Tan, Megaworld first vice president and head of commercial.
The property bought by the Gaisano group is not part of the commercial district on the southern part of the township where 80% of the lots have been sold. The Metro retail stores will rise along Megaworld Boulevard, between Richmonde Hotel Iloilo and the Festive Walk Mall.
Megaworld is developing the township located at the site of the old airport in Mandurriao district for P35 billion over a 10-year period.
Iloilo Business Park will be home to luxury residential condominiums, BPO office towers, a mall, two business hotels, a financial and commercial district, the 1.1-kilometer Festive Walk commercial and retail strip, open parks, transport hub, and the Iloilo Convention Center, among others.
Shares in Megaworld shed seven centavos or 1.42% to P4.85 apiece. -- Krista Angela M. Montealegre