Island Central Mactan [ com l pro ]

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Island Central Mactan [ com l pro ]

Post by Jan on Tue Oct 14, 2014 2:17 am

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Re: Island Central Mactan [ com l pro ]

Post by Jan on Tue Oct 14, 2014 2:20 am

Mall developer from Ozamis builds Mactan project, wants 5 in Cebu

OZAMIS-based mall developer Geege Central Mall Inc. (GCMI) is planning to build five community malls in Cebu in the next five years, expressing confidence in the province’s booming retail industry.

These five malls, most of which will be located in southern Cebu, will have a total leasable area of 75,000 square meters (sq.m.) and will offer a “fun, food and family” shopping concept.

GCMI President and Chief Executive Officer Edwin Lim said the company will be allocating P500 million to P1 billion in investments for each mall.


“We are looking at building at least one mall in Cebu per year,” he said in a press conference yesterday. GCMI is the developer of the 40-year-old Geege Mall in Ozamis City, Misamis Occidental.

The company is developing a three-level, mixed-used development in the Mactan Economic Zone in Lapu-Lapu City called Island Central.

The 8,000-square-meter development, which is expandable up to two hectares, has a gross floor area of 31,000 sq.m. with 400 parking slots. The mall will house a mix of al fresco dining outlets, clothing/apparel stores and a supermarket. Robinson’s will be the mall’s anchor tenant.

Edwin said the mall will also allocate a space for a business process outsourcing (BPO) firm with 1,000 seats. He said negotiations are underway with two BPO firms that have expressed interest to locate in the mall.

GCMI Vice President Eugene Erik Lim said the mall, designed using “green architecture” concepts, will be completed in the last quarter of 2015. Currently, the mall is 75 percent leased out.

Island Central is GCMI’s first venture in Mactan, Cebu. Soon after, the company will be building another community mall in Minglanilla, a 6,000-sq.m. project. The remaining three mall projects, Eugene said, will be located in the south.

“We are quite excited about expanding our business in Cebu. We are confident to grow here given the vibrant retail landscape in Cebu complemented by our 40-year expertise in the mall business. Knowing the market, having a good product mix and good customer service will make us prosper here,” said Edwin.

GCMI has tapped the United Coconut Planters Bank (UCPB) for financing and WHM Construction as its contractor.

UCBP Executive Director Higinio Macadaeg Jr. said the entry of Island Central into Mactan’s retail scene will fill the gaps of Mactan’s mall requirements to support its growing population.

“It took us quite a long time to expand in Cebu but we feel now is the right time to be here given the rise of consumerism and accelerated developments of the province,” said Edwin. He also cited the projected influx of tourists as soon as the Mactan-Cebu International Airport expansion is completed.

“Our advantage is that the mall will have a good view of the Mactan Channel as well as the city and mountain view,” he added.

GCMI will also set up an office in Cebu. At least a hundred jobs will be generated in Mactan, excluding the job opportunities that will be offered by mall tenants.


Source: http://www.sunstar.com.ph/cebu/business/2014/09/05/mall-developer-ozamis-builds-mactan-project-wants-5-cebu-363917

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