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MANILA, Philippines – The Gokongwei group making a bid splash in Cebu where the family with Chinese descent first built their business empire.
On July 26, the group’s property development unit, Robinsons Land Corp., broke ground at the North Reclamation area in Cebu City for “Robinsons Galleria Cebu,” the group’s 38th mall in the country, 3rd in Cebu, and the group’s biggest outside Metro Manila.
Robinsons Land president Frederick D. Go said the group is “ramping up investments in Cebu, which is experiencing robust economic growth, a vibrant retail industry and a booming tourism sector.”
The mixed-use development on a 4.6 hectare along General Maxilom Avenue will feature a 7-storey mall with 56,000-square-meter gross floor area, the first Cebu branch of gohotel.ph, as well as office spaces for business process outsourcing firms.
The mall is expected to be completed by 2015. It will have 6 cinemas and 300 tenants. Robinsons Galleria Cebu is the group’s third in the region after Robinsons Fuente and Robinsons Cybergate Cebu.
The hotel, on the other hand, will have 153 rooms and the BPO offices will occupy 3 floors with over 9,000 sqm of leasable space.
A high-rise residential condominium project is expected to be added to the real estate projects in the property.
The group plans to build 5 more malls in the following: Butuan, Roxas City, Malolos, Malabon and Santiago in Isabela.
Previously, rival SM Prime Holdings, which is run by the Henry Sy group, the country’s richest, announced they are opening their 44th mall in the country. The SM group is eyeing to have 46 malls this year.
The Philippine economy is highly dependent on consumer spending, which is fueled mostly by remittances from overseas Filipino workers. – Rappler.com
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