Ayala Mall in CDO

Ayala Land Inc, practically the oldest and one of the biggest conglomerates in the country, is planning to build the biggest mall in Mindanao in Cagayan de Oro city with a budget that exceeds Php4 billion. The mallís proposed construction site will be at an 8 hectare prime commercial lot located along the CM Recto highway and Corrales Avenues, the former location of Cebu Southern Motors Corporation.

Proposed Ayala Mall CDO

According to numerous news articles and press releases, the construction of Cagayan de Oro cityís very own Ayala Mall will begin around the fourth quarter of 2010. Ayala Land Incís Chief Finance Officer and Senior Vice President Jaime E. Ysmael announced during a recent analysts briefing that the construction of both Ayala Malls in Cagayan de Oro and Subic will be scheduled on the final quarter of the year.

Although it wasnít mentioned in any previous briefings in 2009, the construction of a retail establishment in Cagayan de Oro was indicated during the companyís latest briefing. Ayala Land Incís aggressive expansion plan for 2010 includes the launching of 32 new projects in 14 targeted growth areas.

In addition to their existing residential and retail establishments in Metro Manila, Cavite, Laguna, Cebu and Bacolod, Ayala Land Inc plans to establish new ones in the areas of Baguio, Subic, Iloilo, Davao, and Cagayan de Oro.

In line with their aggressive expansion plan, the company is also looking into the prospect of establishing new ventures in economic housing. In fact, there were earlier speculations regarding ALIís plans to develop some of its proposed Ayala Brands in Cagayan de Oro.

The plan to develop a community center in the midst of Cagayan de Oro was mentioned during a meeting in November 2009. The planned community center or neighborhood centerís rumored location was at the cityís Floirendo lot. Apart from this, the company also has big plans for the cityís Indahag-Camaman-an area.

The development of a boutique hotel is also planned for the mixed use development sector in the city. In a letter addressed to the Securities and Exchange Commission, Ayala Land Inc proposes to build the mall in a gross leasable area spanning around 40,000 square miles.

According to City Mayor Constantino Jaraula, once the Ayala Mall is finished, it would become the biggest mall in the region. He also adds that the mall would make the city of Cagayan de Oro one of Mindanaoís major shopping destinations. When this happens, it would be a big contribution to the development of the city as a haven for more investments.

-by Mara Tismo-
(Photo taken from cagayandeorodev.files.wordpress.com)

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