After the completion of the lagoon development of Ayala Center Cebu, which is expected by March or April, Cebu Holdings Inc. (CHI) will kick off another expansion plan of the shopping mall area pursuing the original plan of developing the Cebu Business Park’s (CBP) 9.6 hectare super block.

In an interview with CHI president and chief executive officer (CEO) Francis O. Monera, he said that the Phase 2-B project .will be pursued by the company next year, starting with a study on how to develop a concept for another shopping mall expansion

CHI is going to finish its P850 million expansion project of Ayala Center including the completion of the Ayala Center expansion building, and the transformation of its lagoon area to a chic Food and Beverage (F&B) strip.

This means that after the face lift of Ayala Center Cebu with the opening of its new expansion building in the middle of this year, and the unveiling of re-designed al fresco lagoon area, a more expanded shopping mall will be seen by Cebuanos in the next few years.

The Ayala Center Cebu, which is the crown jewel of the 50-hectare Cebu Business Park (CBP), has occupied only 3.5 hectares of the CBP super block, excluding the lagoon redevelopment.

With this, CHI still has ample of remaining lots to be development in the super block area to maximize the entire 9.6 hectares.

“The whole super-block is under review and is subject to design study. The study will start next year,” Monera said.

The P600 million lagoon redevelopment project will have a total leasable area of 8,6000 square meters, about 70 percent of these leaseable areas are already reserved by new tenants, Monera said.

In 2006, Ayala Center Cebu contributed a total revenue of P398 million to CHI. While Ayala Food and Entertainment Center (AFEC), together with its theater operations under the company’s wholly-owned subsidiary, Cebu Leisure Company, Inc. (CLCI) reported a P100 million contribution to CHI’s total revenue in 2006.

The year 2006 was the most celebrated year for CHI, as it raked a one billion peso mark in revenue, with 76 percent increase of its income, a 10-year high in the company’s book history

TrackBack URI for this entry

Comments (0)

Subscribe to this comment's feed

Name

Email

Title

Comment

smaller | bigger

Subscribe via email (Registered users only)

I have read and agree to the Terms of Usage.

Write the displayed characters

Add Comment