Ayala Land builds regional mall

In its third partnership with the Davao-based Floirendo family, Ayala Land will invest more than 5 billion pesos (US$116.47 million) in a mixed-use complex – the Centrio – in Cagayan de Oro, Northern Mindanao.

Centrio will be situated within a 3.7 hectare property. The project is a joint venture between Ayala Land and Anflo Management & Investment Corporation (Anflocor). Space will be allocated for retail, residential/office and hotel.

In a briefing last week, Ayala Land president Antonino Aquino said this was an unprecedented business approach: simultaneously investing the whole amount for key components: the three-level Centrio Mall, the 23-storey Centrio Tower and the eight-storey Kukun Hotel.

“We would like to have an offering for everything that is going to be needed by our surrounding communities.”

He emphasised a company focus on local and “homegrown” concepts, with 15 per cent of leasable space dedicated to such outlets.

In his words: “This is the philosophy which underlines Ayala’s involvement in all its host communities all over the country.”  

The larger part of the investment, about 3 billion pesos (US$69.88 million), goes to a 44,000sqm large Centrio Mall, housing 400 stores and supermarkets. It will feature an anchor supermarket and department store.

With its wide assortments of high-end local and international merchandise along with a variety of choices for dining, the mall is expected to be a major lifestyle attraction in Northern Mindanao. It will contribute to the heightening of living standards in the area. Opening will be in the fourth quarter of this year.

GB

You have 7 articles remaining. Unlock 15 free articles a month, it’s free.