DAVAO CITY, Philippines
— CityMall Commercial Centers Inc. (CMCCI) is setting up a shopping mall at the 116-hectare Northtown, a residential complex being developed by homegrown property company Alsons Development and Investment Corp. (Alsons Dev) in the northeastern side of the city.
Eric D. dela Costa, Alsons Dev vice president and general manager, said the shopping center will occupy about 1.5 hectares of Northtown, which is adjacent to an earlier residential project of the firm, the 87-hectare North Crest.
“We have always envisioned Northtown to be a complete and self-sustaining township,” said Mr. Dela Costa in a statement sent to BusinessWorld.
The two companies signed the joint venture agreement soon after Alsons Dev inaugurated the Alsons Public Safety Complex - housing police, fire and emergency stations - located just outside the residential subdivision.
CMCCI Chair Edgar J. Sia II, for his part, said the mall, expected to be completed by the end of next year, is among the 100 they plan to build nationwide by 2020.
In the Davao Region, CMCCI built its first mall in the nearby Tagum City, the capital of Davao del Norte.“We can clearly see the vision behind Northtown to soon become one of the most vibrant areas in Davao City,” said Mr. Sia in the statement.
The shopping complex will house outlets of Jollibee Foods Corp. brands as well as those of the SM group of companies. Mr. Dela Costa earlier said they are allocating about 10 hectares of Northtown for commercial development.
Other companies of the Alcantara group, such as aquaculture products exporter Sarangani Agricultural Co. Inc., will also be setting up shop in the complex. -- Carmelito Q. Francisco
source: BusinessWorld | Corporate News
