Ayala tops off mall expansion-A A +A
Tuesday, May 7, 2013
OFFICIALS topped off Ayala Center Cebu’s (ACC) P2.9-billion mall expansion yesterday.
They said the mall is 72 percent complete and is expected to soft open in the fourth quarter this year.
Cebu Holding’s Inc. (CHI) chairman Antonino Aquino said the new wing will offer the “best of retailing experience in Cebu” and is an “upgrade” of what The Terraces is known for.
“The mall expansion is a reflection of our confidence in the Cebu market,” said Aquino, who is also the president of Ayala Land Inc. (ALI).
He said the new wing completes the retail masterplan of ACC and adds 36,500 square meters of gross leasable area. The four-level expansion will be seamlessly connected to the existing mall. It will also have a three-level basement parking.
CHI is the developer of ACC, an afiliate of Ayala Land Inc.
ACC division head Clavel Tongco said the expansion will have a total of 200 stores in addition to the existing 450 stores of the mall. Half of the tenants are expected to open by the end of this year.
Rustan’s department and supermarket stores are the anchor stores of the new wing.
The first level will house premium foreign brands such as Zara, Gap and American Eagle. It will also have dining outlets and other mid-priced to high-end fashion brands, including some retail outlets which are considered firsts in Cebu.
The third floor will house IT, home and kids’ selection while the fourth level will house selected dining outlets, a cinema and chapel.
Rowena Tomeldan, vice-president and operations and support services head of ALI’s commercial business group, said the mall’s new wing will set a “new trend” in the entertaining, retail and dining experience in Cebu.
“This is definitely not the last phase of the expansion here in ACC as there are still other potential areas,” Aquino said. He cited the construction of a corporate center to be built in ACC that will have both commercial and office segments.
ALI and CHI area also planning a new commercial component on a five -hectare area at the Cebu IT Park. Aquino said the commercial component will enhance the “integrated, mixed-used experience” in the area.
CHI president Francis Monera said they are still finalizing the concept of the new mall and they hope to disclose details before the year ends.
ACC is the main source of revenue of CHI, contributing P750 million in total revenues.
The company expects the mall’s income to go even higher in the next few years as the major expansion of the mall nears completion.
Published in the Sun.Star Cebu newspaper on May 08, 2013.