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