CEBU, Philippines - Cebu Holdings Inc. (CHI), the developer of Ayala Center Cebu (ACC), announced yesterday the opening of its P2.9 billion expansion plan this coming fourth quarter of the year.
Upon opening, the mall will bring in over 100 of the total 200 tenants to open new outlets of the Ayala Center's four-story Phase 2-B expansion.
The Phase 2-B will complete the retail masterplan of the existing mall.
"This project will strengthen Ayala Center Cebu's position at the helm of shopping, dining and entertainment, reinforcing its image as the icon style in Cebu," CHI chairman Antonino Aquino said.
During yesterday's topping-off ceremony, Aquino said the new four levels will be seamlessly connected to the existing building.
CHI President Francis O. Monera said the P2.9 billion expansion project occupies 2.5 hectares with total leasable area of approximately 36,500 square meters.
"The development will adopt the existing mall's mix per level, with upgraded zones and higher scaled brands," he said.
Clavel Tongco, ACC division head, said that the expansion will have a total of 200 stores in addition to the existing 450 stores of the existing mall.
The first level will house premium foreign brands like Zara and Gap, as well as staple European and American brands ranging from mid-priced to high-end fashion. More popular foreign brands are found at the second level.
One of the confirmed locators is Rustan’s, which will have a three-level retail space.
Earlier, CHI also announced its plans to construct a second mall in Cebu, located within its 24-hectare Cebu IT Park.
Monera said the master planning of the second shopping mall is now on the drawing board and plans are expected to materialize within this year.
The Phase 2-B project is an extension of the mall, utilizing the south surface parking that will incur CHI at least P2.8 billion.
In 2012, Ayala Center Cebu registered an occupancy rate of 98.4 percent and higher sales and rent per square meter. The mall contributed a total revenue of P750 million to CHI. /JMD (FREEMAN)