Quantcast

ALI investing P5B in Cagayan de Oro project




Property giant Ayala Land Inc. (ALI) is expanding its foothold in Mindanao with a P5-billion investment in a mixed-use property project envisioned to be like a “mini-Glorietta” (its mall in Makati City) at Cagayan de Oro’s city center.

In a briefing Tuesday, ALI president Antonino Aquino said the 3.7-hectare project called “Centrio” was a joint-venture project with the Floirendo family’s Anflogroup. The project is seen to benefit from the “game-changing” construction of the new Languindingan airport, robust commerce and agro industry and the strong tourism potential of the northern Mindanao region, he said.

“We’re seizing that opportunity. We’re doing retail, office, hotel and residential (component) in CDO in one major move,” Aquino said.

Aquino said this was reflective of ALI’s thrust to make an unprecedented expansion in new geographical areas and markets.

The Visayas-Mindanao region currently accounts for only 7-10 percent of ALI’s business, according to ALI senior vice president Emilio Tumbocon. But in the next 10 to 15 years, Aquino said this share should surge to 25-30 percent and mirror the contribution of this region to the domestic economy.

Of the P5-billion capital spending for this project, the shopping mall component will cost about P3 billion while the remainder will go to residential (P800 million), hotel (P700 million) and business process outsourcing office (P200 million).

The project is situated right beside the provincial capitol and has not been affected by the recent flooding in CDO, Aquino said.

The Centrio mall will have 400 tenants and about 44,000 square meters of leasable space and will open by the fourth quarter of this year. It will be the first mall in CDO and will have ample open spaces and artfully designed indoor spaces, ALI officials said. For instance, Aquino said two old acacia trees were left untouched and were included in the landscaping.

The new business hotel under ALI’s homegrown “Kukun” brand will open at about the same time as the mall, offering about 150 guestrooms available for about P3,800 per night.—Doris C. Dumlao


Follow Us






Recent Stories:

Complete stories on our Digital Edition newsstand for tablets, netbooks and mobile phones; 14-issue free trial. About to step out? Get breaking alerts on your mobile.phone. Text ON INQ BREAKING to 4467, for Globe, Smart and Sun subscribers in the Philippines.

  • http://www.facebook.com/alex.argote1 Alex Argote

    well, sorry mga brods, they dont consider limketkai, gaisano city, sm and others to be malls, para sa ila, mga sari sari store lang ang mga yan..

  • Diablo_III

    Ngeeks the first mall in CDO was built more than 20 years ago. 

  • White_Water_Rafting_Adventure

    This is not the FIRST MALL in CDO….but for sure, it’s the First AYALA MALL in CDO…
    We already have LimketKai Mall, Gaisano City Mall, SM City Cagayan de Oro (Uptown CDO), the underconstruction PASEO Mall (along the mighty Cagayan de Oro River) which may also open 4th quarter of this year, and the rumored mixed-use SM City Downtown (former coca cola plant)….

  • http://profile.yahoo.com/6YREHCRY3XF3R7F3SEX4MICIVI pinas

    asenso pa rin kahit papaano…makatulong ito sa employment natin dito sa CDOC…come to think of it

  • http://www.facebook.com/profile.php?id=668906224 Angelie Azcuna

    this is not the FIRST MALL in our City… haven’t you heard of Limketkai Mall? Gaisano Mall? and of course, SM City?! 

    please know your info well… 

    • http://profile.yahoo.com/6YREHCRY3XF3R7F3SEX4MICIVI pinas

       hahaha

  • kwangkwang

    first mall in cdo??? gaisano citi mall, limketkai mall, robinsons mall, and sm city cdo were built years ago. double check your data.

  • yesyesyo

    God speed Philippines.



Copyright © 2014, .
To subscribe to the Philippine Daily Inquirer newspaper in the Philippines, call +63 2 896-6000 for Metro Manila and Metro Cebu or email your subscription request here.
Factual errors? Contact the Philippine Daily Inquirer's day desk. Believe this article violates journalistic ethics? Contact the Inquirer's Reader's Advocate. Or write The Readers' Advocate:
c/o Philippine Daily Inquirer Chino Roces Avenue corner Yague and Mascardo Streets, Makati City, Metro Manila, Philippines Or fax nos. +63 2 8974793 to 94
Advertisement
Advertisement
Marketplace