(Source: Business Mirror | February 12, 2018)
Real-estate firm Cathay Land Inc. is pouring in P2.5 billion on the country’s first Outlet mall—a retail mall intended to feature designer products, and scheduled to break ground in about five months.
Cathay Land announced in an emailed statement the mall would rise in Tagaytay City. Cathay Land President Jeffrey T. Ng considers the mall a landmark “given that it is the first of its kind in the country.” “Most of the major capital cities worldwide have Outlet malls. Metro Manila and its over 12 million population is perhaps the only one that does not have [one],” Ng was quoted in a statement as saying.
According to the firm, its mall to be called “Acienda Designer Outlet” will only be 30 minutes away from the Ninoy Aquino International Airport and the Entertainment City. The company used the Cavite-Laguna Expressway as basis for the travel time estimate.
The Outlet mall is situated in a 90-minute catchment area surrounded by about 16.5 million locals and tourists with above average incomes, Cathay Land estimated. It is now nearing completion and retail partners are expected to receive their units in March, the company said adding August as opening schedule.
“With Tagaytay City being a popular tourist destination among locals and tourists, we are confident that they will all enjoy our promise of high-quality Outlet shopping at par with what they experience abroad,” Ng said. “We expect that phenomenal growth of world-class Outlet malls to be duplicated here in the Philippines, mainly due to rising incomes locally, remittances from abroad and tourist arrivals that will hit 10 million a year in the next few years.”
On top of investing in the Outlet mall, Ng said Cathay Land is keen on developing its 1,000 hectares of land bank in the growth corridor along Santa Rosa, Laguna, Silang, Cavite and Tagaytay City this year.
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