Expected to be launched on May 12, the Abreeza Mall located along JP Laurel Avenue is being eyed as one of the growth centers in Davao City, said Antonio Aquino, president and chief executive officer of Ayala Land, Inc.
“It’s a major investment for the city,” he said, noting the development, employment and taxes that have been generated since the construction began. For the construction of the building alone, he continued, some 1,000 individuals were employed by the company, while there were 6,000 hired by the merchants.
The first mall of Ayala in Mindanao, the P5-billion Abreeza project is in partnership with Anflocor, represented by Ricky Floirendo, its senior vice president. Aquino said this is a continuation of a 15-year long relationship with Anflocor. The two companies have jointly ventured a high-end residential development in Makati.
“JP Laurel is a very nice location, not exactly the center of the city for some breathing space,” Aquino said. He added that Ayala had found the right property and right partner. He also mentioned that Ayala prefers to have local partners in its projects, because the latter have knowledge the territory and the way things are done here.
Saying that construction of the mall is ahead of schedule by more than a month, Floirendo noted their partner’s trust in the Davao market having seen how the city has been progressing so fast. The mall will cater to new merchants, he added, and will have a lot of exciting events.
“A very strong local economy is something that keeps everything else going,” Aquino said, adding that they are dependent on the domestic sector.
Clavel G. Tongco, business development head of Ayala Malls Group, said that 92% of available spaces were already leased out to 196 merchants who located at Abreeza. Of the total, 61% of the merchants had started their own construction; 30 are restaurants, and the rest are fashion, specialty and services shops.
Of these merchants, 60 are first-timers in Davao City, Tongco said, thereby making it so exciting for the Dabawenyos. While the Davao Abreeza is different from the one in Cebu in terms of design, she added, the former will have a sitting area outside, a good mix of local and foreign restaurants, and some bars.
Long term
“Any mall has to be a long term investment,” Aquino said, adding that the entire project is made up of complementary businesses. Of the 10 hectares total land area of the Abreeza, a hotel component will be added next year, and a condominium in four years, all right beside the mall, he added.
“It is a replication of what we do in Makati (Ayala Center),” Aquino said, adding that their main strategy is to duplicate in a scaled down manner what Ayala has in Makati. He said it enhances the value of the other such that those who will stay in the hotel will go shopping in the retail shops in the mall, as well as those in the residential area to patronize the retail shops and hotel within their proximity.
This formula, Aquino said, is the unique advantage of Ayala development. Speaking of developments, Ayala will also put up a Abreeza mall in Cagayan de Oro City similar to Davao’s which will have a hotel and an office and residential buildings beside it. To begin next year, this will be located on a four-hectare property with a P3-billion investment.
Energy crisis
The crisis brought about by an expected electric energy shortage in Mindanao, Davao City in particular, is viewed as a challenge by Aquino, who has heard of the existence of independent power producers.
Ayala, he added, was also heartened on the statement of the National Grid Corporation of the Philippines that there will be an interconnection of the Luzon, Visayas and Mindanao grids which will equalize the power supply.
Saying that Abreeza has 100% back-up power, Aquino noted that they still prefer that electricity will be sourced from the grid. “We hope that this will be addressed over time because this is important for businesses,” he added. [Lorie Ann A. Cascaro]
