ALI allots P4.7B for CDO project

MANILA, Philippines - Property giant Ayala Land Inc. is spending P4.7 billion to develop Centrio, a mixed-use complex in Cagayan de Oro envisioned to become the newest lifestyle destination in Northern Mindanao.

In a briefing yesterday, ALI president Antonino T. Aquino said the company is stepping up its presence in Mindanao, particularly in CDO, the second most important city in the region after Davao.  

Situated on a 3.7-hectare property at the heart of the city’s central business district, Centrio will have residential, retail, office and hotel components intended to elevate the living standards in CDO. The project is the third partnership between the Ayala Group and the Davao-based Floirendo family.

Bulk of the budget, or about P3 billion, will go to the construction of a shopping center, which is being positioned as the preferred mall of the regional market, showcasing a mix of top-tier international and local retail brands and dining options. Slated for opening in the fourth quarter this year, Centrio Mall will be home to over 400 stores with a gross leasable area of 44,000 square meters, inclusive of an anchor department store and supermarket.

Bobby Dy, ALI executive vice-president and head of ALI’s Residential Business Group, said the company is allotting around P800 million to build the 23-story Centrio Tower, which is expected to be the tallest residential tower in the area. It will be conveniently accessible to Centrio Mall and the Kukun Hotel to give future residents opportunities for shopping, dining and other leisure activities.

Centrio Tower will make available 522 residential units and 159 parking slots, targeted for turnover to owners by the fourth quarter of 2015. Studio units with a size of 23 sqm will be sold at P1.8 million, a one-bedroom unit with a size of 37 sqm is priced at P2.7 million, and two-bedroom units will sell for P4.4 million each.

Dy said Centrio Tower would have everything an ideal condominium must have : free-flowing air and sunlight, limited number of units per floor for privacy and exclusivity, sensible amenities, emergency power in common areas and inside each unit, and easy payment terms.

Estimated to cost around P700 million, the Kukun Hotel will be the first line of urban lifestyle hotels in the country that will cater to contemporary business and leisure travelers. It will offer a total of 150 stylish rooms when it opens its doors in the fourth quarter this year.

Another P200 million has been earmarked for the development of an office building catering to the business process outsourcing sector. It will have a leasable area of 8,500 sqm.