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Ayala Center Cebu (Mall) Expansion in Cebu
Ayala Center Cebu, which is one the biggest malls in the Philippines, plans to expand their mall. This will be the second phase of Ayala Center that will bring an additional 36,300 square meters of gross retail leasable area.
Picture of the Terraces of Ayala Center Cebu
Funding of this project comes from BPI (Bank of the Philippine Islands). Cebu Holdings Inc, which is the Ayala Center Mall developer, estimated that the cost of the project will be around P2.97 billion. Cebu Holdings Inc. borrows P2.8 billion from BPI to partly fund this project.
"The expansion of Ayala Center Cebu will start in March of this year and will be finished by the 3rd quarter of 2013", said Eleanore Tomaneng, Cebu Holdings chief finance officer.
Tomaneng added, "The planned expansion will complete the circular design of the mall which also serves as the centerpiece of the mixed-use development within the master plan of Cebu Business Park".
Cebu Business Park is regarded as the premier business and commercial district in the Visayas and Mindanao.
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