Cebu developer shifts to retail leasing with P1 billion project

CEBU, Philippines — Oakridge Realty Development Corp. (ORDC), the property arm of Cebu-based LH Paragon Group, is making its biggest bet yet on Cebu’s consumer economy, investing P1 billion in the first phase of Mantlewood Town Center as it shifts from developing mixed-use business parks to a full-scale retail leasing platform.

The move signals the company’s confidence in Cebu’s growing retail market and rising consumer demand, nearly two decades after it established the pioneering Oakridge Business Park along A.S. Fortuna Street in Mandaue City.

Built on a former Matimco warehouse site, Mantlewood Town Center transforms underutilized industrial land into a multi-phase commercial destination integrating retail, dining, healthcare and lifestyle establishments, positioning itself as a neighborhood hub for northern Metro Cebu.

“For us, this is really our first dedicated retail leasing development,” ORDC President Anne K. Liu said in an interview, noting that unlike Oakridge Business Park—where offices occupy the bulk of the development—Mantlewood’s initial phase is designed entirely around retail.

The 1.2-hectare first phase occupies part of a four-hectare property once used as Matimco’s Visayas warehouse. The project reflects the evolution of the LH Paragon Group, which has diversified from its origins in the timber industry into fashion retail, wood processing, real estate, healthcare, food and automotive investments.

The development’s name pays tribute to the family’s business heritage. “Mantle” honors Golden ABC, the apparel business founded by Norma Liu, while “Wood” references Matimco Inc., one of the country’s oldest wood processing and distribution companies established by the late Leo Lim Liu.

The project’s retail-focused strategy has already attracted national brands before construction was completed. Among its anchor tenants is Wendy’s, marking the U.S. fast-food chain’s return to Cebu after more than two decades, alongside Conti’s Bakeshop.

Liu said tenant commitments reflected confidence not only in the project but also in Oakridge’s track record as a commercial developer.

“All I had to show was a piece of paper,” she said. “They’ve been wanting to locate in Oakridge Business Park, but it has long been fully leased. When we presented Mantlewood as our next development, they immediately signed on.”

Oakridge Business Park, developed about 20 years ago along A.S. Fortuna Street, has become one of Cebu’s established mixed-use commercial addresses, integrating offices, restaurants, hospitality and event venues.

In 2023, it became Cebu’s first commercial business park powered entirely by 100 percent renewable energy through a partnership with First Gen.

Mantlewood represents a strategic expansion rather than a replication of that model. While Oakridge Business Park caters primarily to office tenants, the new development is centered on consumer-driven retail, allowing the company to capitalize on growing demand for neighborhood commercial centers as Metro Cebu’s residential communities continue to expand.

Liu said the company is still evaluating the mix of uses for the succeeding phases, although retail will remain a key component of the long-term master plan.

Beyond commercial development, ORDC has also partnered with the Mandaue City government to transform a 4,000-square-meter city-owned property across Mantlewood into the Mandaue Agri-Eco Park. The project will feature public green spaces, a playground, gardens and hydroponic facilities, while incorporating transport improvements such as a dedicated public utility drop-off area to ease traffic congestion.

The initiative, Liu said, reflects the company’s strategy of integrating commercial investments with public amenities to create sustainable urban communities.

Mantlewood’s launch comes as developers increasingly target neighborhood retail formats, supported by resilient consumer spending and continued urban expansion in Cebu, one of the country’s fastest-growing regional economies.