10/08/2012
Look at whats happening right across your condo unit. More improvements and services, the higher the value of your unit. You are within the little Makati of Cebu. Read on -
New Mall Wing Opens 2013
Manila Bulletin Aug. 9, 2012 page 15
By Malou M. Mozo
Cebu City, Cebu – Mallgoers in Cebu will have something tto look forward to in 2013 in terms of shopping experience as Ayala Center Cebu targets to open tis major mall expansion by the fourth quarter of next year.
According to Joy Polloso, Ayala Center Cebu’s Division Head, the new wing is 27 percent complete.
Among its major tenants include Rustan’s Department Store and Rustan’s Supermarket, which will be relocated to occupy three floors of the new wing, while other high-end brands like Zara have already confirmed to open an outlet here, Polloso said.
The Phase 2-B project is an extension of the mall, utilizing the South Surface Parking that will incur Cebu Holdings Inc. (CHI). the developer of the Ayala Cebu mall, at least 2.8 billion pesos.
“So far, the Ayala Center Phase 2-B is the largest expansion activity done by CHI, aside from building The Terraces and other mini-improvements and expansion programs it has embarked over the years,” Polloso said.
The expansion will cover a space one-third to the entire size of the existing mall, offering a total leasable area of 36,000 square meters.
The expansion project will complete the original plan for Ayala Center Cebu, however, some improvements were made in terms of design to conform to the changing preference and style of this generation’s shoppers, CHI President Francis Monera said earlier.
“Cebu’s shopping market has become more sophisticated over the years. People here are now willing to shop for high-end, quality products. That is why we see a big market for the high-end brands that will soon be opening at the new wing. In general, Cebu is willing to pay for premium products,” Monera said in an interview.
The construction of the Ayala Center Cebu’s Phase 2-B is part of CHI’s ₱10-billion capital expenditure to build more projects in Cebu over the next five years.
Last year, the Ayala Cebu mall registered total revenues of ₱699.84 million, which is 11% higher than its revenues recorded in 2010.
CHI chief finance officer Enrique B. Manuel Jr. noted the mall’s encouraging performance in 2011 was brought about by the higher lease occupancy, higher sales and rent per square meter.
