ALI builds P5-billion mixed-use complex in Cagayan de Oro

CAGAYAN DE ORO, Philippines - Business giant Ayala Land Inc. (ALI) has announced recently it will open a P5-billion mixed-use complex here in November and that is expected to boost even further the city’s economic activity after suffering from the typhoon Sendong.

As Cagayan de Oro has shown signs of bouncing back from the tragedy brought by Sendong last December, Ayala’s investment will contribute growth to the city as it will generate thousands of jobs for the locals, according to ALI president Antonino Aquino.

 “Now is the best time to invest in Cagayan de Oro. We want to be a part of the rebuilding effort,” Aquino told reporters when he visited here to grace the gathering of Ayala merchant-partners at Xavier Estates recently.

The 3.7-hectare business complex, developed in partnership by ALI and the Floirendo-led Anflocor Group of Companies, will be composed of the Centrio mall with over 400 stores and shops, the 23-story Avida condominium, Kukun hotel and a business process outsourcing (BPO) center.

Aquino said the venture is by far the largest investment that Ayala has embarked on in such a short period of time, a mere two-year construction period for a huge undertaking.

He said this is also the first time that Ayala has put up four investments and putting them in one area-and by Ayala standard, the complex is considered a major project outside of Manila.

 “Our confidence level is unshaken as we help push Cagayan de Oro even further,” Aquino said.

Aquino said that brand of confidence was also reflected on the long list of Ayala’s loyal merchants who put their businesses wherever Ayala goes.

Based on their experience, Aquino said it has been proven that “the presence of Ayala makes an area boom economically.”

 “The ‘Ayala brand’ rubs off in every place,” he added.

Already, around 66 percent of the mall’s area has already been leased out not only to local businesses but to merchants from around the country.

 ‘Blend with the environment’

In the early phase of the construction, the management decided not to cut the two huge acacia trees standing for more than 50 years inside the complex but instead built the mall around it.

The decision to preserve the trees, Aquino said, was “symbolic of how we like to blend with the environment.”

Aquino said that Ayala is also open to possible tourism ventures as part of its business expansion plans in the city, calling it “one of the most tourist-friendly cities in the country.”

This planned expansion is indicative of Ayala’s bullish approach in doing business.

 “We have to be aggressive economically because if you’re conservative nothing will happen,” Aquino said.