Regions
Written by Bong D. Fabe / Correspondent Business Mirror
WEDNESDAY, 13 JANUARY 2010 19:33
CAGAYAN de Oro CityAyala Land Inc. (ALI) is set to invest at least P4.5 billion here to build the biggest mall in Mindanao, thereby boosting investor confidence in this capital city of Northern Mindanao.
Constantino Jaraula, city mayor here, said that ALI will build the P4.5-billion shopping and recreation mall in its newly acquired property in the heart of this citys bustling business district this year.
Once completed, this Ayala mall would make the city the major shopping destination in Mindanao as this will be the biggest mall in the region and will further boost our beloved city as a haven for investment, Jaraula said.
It will also be bigger than Davao Citys P3-billion Ayala mall, which will open in 2012, he said.
Jaraula said ALI officials chose Cagayan de Oro as the site of their biggest investment in Mindanao because of its strategic location and peace-and-order situation.
ALIs move will be this citys entry to the big leagues, the mayor said, adding that the company is famous for its high-end projects such as Ayala Alabang, Dasmariñas Village, Forbes Park Makati, Ayala Westgrove Heights, Ayala Greenfield Estates, Amara, Ayala North Point, The Residences at Greenbelt, One Serendra and Anvaya Cove.
Although ALI has yet to complete its papers for this project, the city government has already approved the companys plan to start construction of its pet project in Mindanao.
The Ayala Mall-Cagayan de Oro is the latest project of ALI here.
In 2006, ALI launched its high-end subdivision here called Alegria Hills on a 53-hectare land located 240 meters above sea level and approximately eight kilometers from the city proper that straddles the barangays of Indahag, Macasandig and Camaman-an.