CEBU, Philippines - A mall operator has chosen Cebu as the place of its first retail commercial development outside Metro Manila, eyeing to offer a new shopping experience in the Visayas region.
Festival Supermalls, Inc. is now building the 3-storey Il Corso mall at the seafront of the city's South Road Properties. FSI is the mall operations arm of Filinvest Land, Inc.
Being the company's first retail building, Il Corso will introduce Cebuano food and itwill alsohave a department store, supermarket, fashion brands and specialty retail concepts.
The mall, seen to be a major attraction of Citta di Mare (City by the Sea), is expected to give Cebuanos a different shopping destination as it is located at the harbor.
"It is our commitment to Cebu that we make our first mall development as exciting," said Joy R. Polloso, Filinvest Retail Group's senior vice president, "one that would nourish and support new concepts of Cebuano food that will be at par with global restaurants."
The mall's groundbreaking on Friday will lead through its opening on the fourth quarter of this year.
The retail building will also have a functional lighthouse and a large outdoor amphitheater with a scenery of the Mactan Channel, eastern horizon and a water fountain. Three clusters of low-rise buildings will also be constructed.
Lantaw Restaurant that is located near the site will continue to bring a strong market from the south as the construction of the mall is ongoing, the company said.
Property developer Filinvest has allotted 50 percent of its capital expenditures for the building of its retail and office space rental projects.
"FLI has been expanding our affordable brand, not just in the greater Metro Manila area but as well as other areas of Luzon, the Visayas and Mindanao," said Josephine Gotianun-Yap, the company's president and CEO.
The real estate giant said this project will soon become a significant contribution to Cebu's society. (FREEMAN)