Park Mall 168 to cater to tiangge-type retailers

The Golden Great Value Property Ventures (GGVPV) will start the construction of the1.8 hectare Park Mall 168 next month at the North Reclamation Area.

GGVPV president Carlos Co said that the P250 million shopping mall and mix-used facility is targeted to officially open by October of this year.

According to Co there are about 15 interested tenants who already reserved commercial stalls. There are about 300 available stalls for the tiangge-type shopping facility.

The company has also partnered with a Manila-based retailer to be its anchor supermarket store, the Puregold Grocery chain owned by businessman Lucio Co.

Aside from inviting tenants for retail business, Co said the second floor of the mall will be allocated for business establishments, like call center, and government agencies.

He said the company is currently negotiating with the Department of Foreign Affairs (DFA) for a possible office transfer.

This project, Co said is not at all an affiliate of the famous 168 Mall in Manila. However, he said the company will invite some tenants of 168 Mall to open in Cebu.

He explained that the 168 name is derived from the address of the property, which is 168 Ouano Street, South Reclamation Area in Mandaue City, near the Cebu International Convention Center (CICC).

According to Co, there is a very good market for cheaper products that are sold in Tiangge-type facilities. Thus, the company is trying to invite retailers operating at the 168 Mall in Manila.

GGVPV is also currently inviting investors for the project, although final schedule for the construction has been set already next month.

Co's family is into hardware and home furnishing business, such as the Oversea Hardware, Home Builders, Home Depot [Manila], among others. This is the first time that the Co family ventured into mall business.

According to Co, Cebu retail market is projected to grow further, event the retail giants have started to make huge investments for shopping expansions in Cebu.

SM for instance has announce to spend about P2 billion for its shopping mall expansion program in Cebu. While the Cebu Holdings Inc. (CHI) has focused its nearly P1 billion investment on the Ayala Center Cebu's expansion projects.

According to Co, the company expects more fresh tenants from Manila to open shops at the Park Mall 168. This will provide wider choice of retail products for Cebu market, from expensive high-end items to cheapest products, especially those made from China.