MALL developer Cebu Holdings Inc. (CHI) will set off another expansion project for the Ayala Center Cebu (ACC) within the first half of 2010.
Although CHI president Francis Monera did not disclose the actual budget of the project, he said the development will cost more than what was allocated for The Terraces project.
For The Terraces, which opened last year, CHI spent close to P1 billion.
In a press conference last Wednesday, Monera said the expansion project will complete the full circle design of the mall.
“The design is to provide more international and local brands to the Cebuanos,” he said.
The area to be developed covers the stretch from the corner of the Cebu City Marriott Hotel, the parking area across the Rustan’s supermarket and the parking area for public utility vehicles.
But Monera assured the public that there will still be an area for jeepneys.
The whole project will take two years to complete.
Aside from this, the Ayala Land Inc. (ALI) will also start the development of its residential condominium project at the Cebu Business Park (CBP).
Meanwhile, CHI is also working on the conversion of the CBP into an economic zone to create the same investor-friendly environment that the Asiatown IT Park (AITP) has.
Two months ago, CHI submitted its application to the Philippine Export Zone Authority (Peza) and received a “favorable” endorsement from Cebu City Mayor Tomas Osmena.
Monera said the Cebu City Council is also coming up with a resolution to support Osmena’s endorsement.
At present, a number of information technology (IT) buildings in CBP are registered as Peza enterprises.
Monera clarified that the incentives of a Peza-registered entity, such as income tax holidays and duty free importations, will only apply to qualified locators.
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