Cathay Land Inc. is investing P2.5 billion in the Philippines’ very first outlet mall, which would open in Silang, Cavite in the second half of the year.
Construction of the outlet in a 20-hectare property, which is 10 minutes north of the Tagaytay City Rotunda, is now on its final stage, the firm said in a statement. Retail partners can expect their units to be turned over for fit-out starting this month.
According to Jeffrey Ng, Cathay Land president, the Acienda Designer Outlet would be 30 minutes away from Ninoy Aquino International Airport and Entertainment City.
“We expect the phenomenal growth of world class outlet malls to be duplicated in the Philippines mainly due to rising incomes locally, remittances from abroad and tourist arrivals that will hit 10 million a year in the next few years,” he said.
Cathay Land and its joint-venture partner, London-based Freeport Retail, are now identifying prospective locations for a second outlet mall in the country.
Freeport Retail is a specialist developer and operator of Designer Outlets. Its most recent development is Freeport A’famosa in Malacca, Malaysia, which opened in November 2015.
“We are pleased to partner with Cathay Land for Acienda Designer Outlet. The outlet format is an established and mainstream retail channel that works for brands, retailers and, of course, the consumers. Since we started back in 1992, Freeport has developed outlets throughout Europe,” said Chris Milliken, cofounder and commercial director of Freeport Retail.
The Acienda Designer Outlet mall is scheduled to open on Aug. 2.