SM Prime Holdings’ 42nd mall
What do Cebu Property Ventures and Development Inc., SM Development Corp., Filinvest Development Corp., Belle Corp. and Tiger Resorts, Leisure and Entertainment have in common?
They are never still, as all of them are putting up new buildings to accommodate offices, malls, hotels and entertainment complexes in various areas in the country.
Jones Lang LaSalle Leechiu’s Philippine Property Market Monitor in February 2012 enumerated the construction of a new IT building in Cebu City by Cebu Property Ventures and Development, a new office building by SMDC, a 10-story building from Filinvest, the 7-story SM Olongapo and a new Filinvest retail complex in Cebu City.
Expansion
The JLL monitor also singled out the expansion of Belle Corp. and Solaire Manila at the Pagcor Entertainment City at the Manila Bay Reclamation area. Tiger Resorts, Leisure and Entertainment Inc.’s recently launched $2-billion entertainment complex, meanwhile, has been called Manila Bay Resorts.
Construction of another IT building at the Cebu IT Park in Cebu City has started. The 12-story eBloc 3, with a total of 15,764 sq m of leasable space, is a project of Cebu Property Ventures and Development and Asian i-Office Properties.
SMDC is currently studying a possible venture to develop office buildings catering to business processing outsourcing companies.
The JLL property market monitor also mentioned Filinvest’s winning the bid for the development of a 10-story building on the property once occupied by the Bagong Buhay Rehabilitation Center and the Cebu City Treatment and Rehabilitation Center. The development would then be under a build-operate-transfer agreement with the Cebu City government.
Retail updates
A $2 BILLION entertainment complex will rise in the Pagcor Entertainment City.
The 7-story, 40,863-sq-m SM Olongapo mall—to cater to customers from Zambales, Bataan and other nearby provinces—was recently opened. This is SM Prime Holdings’ 42nd mall.
Filinvest is investing at least P7 billion in two retail establishments—the existing Festival Mall in Alabang and an upcoming retail complex in Cebu City. The JLL Property Market Monitor said the Festival Mall will have a new wing. The construction will increase the mall’s leasable area by around 50 percent.
The February 2012 JLL monitor also reported, “Grocery chain Puregold Price Club Inc. is looking to merge with S&R, an upscale membership supermarket.”
Lease additional land
A plan to lease an additional land in the Pagcor Entertainment City at the Manila Bay reclamation area by Belle Corp. and Bloomberry Resorts has also been revealed. The JLL February report said the two developers are in talks with the government. Plans are afoot for the expansion of their ongoing projects Belle Grande Manila Bay for Belle Corp. and Solaire Manila for Bloomberry Resorts.
Tiger Resorts, Leisure and Entertainment, a subsidiary of Japan-based Universal Entertainment Corp., has officially launched its $2-billion entertainment complex to be called Manila Bay Resorts. The project will include luxury hotels, a high-end shopping mall and a casino. It will rise in the Pagcor Entertainment City.