Developer to build new shopping center at recla

Wednesday, January 24, 2007
Developer to build new shopping center at recla

TARGETING retail shop operators, information technology (IT)-related establishments and government offices as tenants, a local developer will begin construction of a mall building at the Mandaue City reclamation area next month.

Carlos Co, president of Golden Great Value Properties Inc. (GGVPI), said the firm will invest P200 million to P250 million for the development and construction of Parkmall at 168 on a parcel of land at the Mandaue reclamation area.

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Co said GGVPI plans to open the mall in October this year.

He, however, clarified that Parkmall at 168 is not the same as the 168 Mall in Manila. Instead, it is named as such because its address is 168 Ouano Ave. in Mandaue.

Co said GGVPI is trying to ink a deal with Cebu-based companies as business partners.

GGVPI is leasing nearly six hectares of the reclamation land, including the unfinished Uniwide building adjacent to the Cebu International Convention Center, at P10.50 per square meter monthly.

The mall’s lot area will comprise 1.8 hectares of the entire leased property.

Co said tenants can already start moving in by July.

He said the company is currently accepting reservations to fill up the 300 leasable lots for the commercial complex.

Based on the project description submitted by GGVPI to the Mandaue City Government, the units will measure 1,000 square meters, with provisions to subdivide them into 500 square meters.

“So far, only 15 tenants have applied,” Co said in an interview last Friday, adding that the company is profiling potential tenants similar to that of a mall in Manila which carries a “tiangge” concept.

The first floor of the mall will be utilized as a commercial center while the second floor will comprise several government offices and call centers.

To ensure smooth operation for its IT clients, the mall will have a back-up generator set.

A parking area with 500 slots and a well-guarded jeepney terminal will also be built to provide convenience and security to the IT employees.

Co also said that Parkmall at 168 will also be anchored with Puregold, a grocery store.

Earlier, he said investors at the GGVPI are set to generate 500 to 1,000 jobs. (MMM)