- October 23, 2009
- One Comment
CAGAYAN de Oro will soon be bustling with more exciting activities with the entry of an Ayala mall here. The mall will be constructed along CM Recto and Corrales avenues in what used to be Cebu Southern Motors Corporation. The site itself is eight hectares wide. This property is owned by the Floirendos.
This development really poses a serious threat to the Gaisanos, with Gaisano City Mall located only a stone’s throw away. As everybody knows, the Gaisanos along with local Chinese entrepreneurs here, have strongly opposed to SM putting up a mall in the said property because of this obvious threat.
But the Ayala Group wasn’t to be intimidated and pushed for its plan to put up the mall. They enlisted Creba (who enjoys support from realty bigwig Sen. Manuel Villar) to lobby for an Ayala mall entry here exactly in front of Gaisano City Mall.
The mall is expected to cost P4.5 billion which means it will cost more than the currently-constructed AyalaDavao’s P3 billion worth of mall. See, the Ayalas were really challenged with the situation in Cagayan de Oro City because they felt that the local Chinese businessmen here such as the Gaisanos have monopolized this kind of business for a long time and even succeeded in stopping SM from putting up their own business in downtown Cagayan de Oro.
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