Cebu Holdings Keeps Mum on Plans at SRP (June 2006)
Monday, June 19, 2006
AYALA-led Cebu Holdings Inc. (CHI) is not closing its doors to the possibility of putting up a mall at the South Reclamation Project (SRP).
“We are always on the look out for opportunities,” CHI chief operating officer Francis Monera told a press conference at the Cebu City Marriott Hotel last Friday.
In a separate interview, Cebu Investment Promotions Center (CIPC) managing director Joel Mari Yu said CHI, operator-owner of Ayala Center Cebu, has proposed a joint venture with the Cebu City Government for the construction and operation of a mall on a five-hectare lot at the SRP.
The mall’s concept is similar to the Market! Market! in Fort Bonifacio.
The arrangement for the joint-venture would be that CHI will build and operate the establishment rent-free. Both entities will share the profit.
“The proposal is good but the City wants to earn a certain amount (regularly) and not just depend on whether the company gains from its operations,” Yu said.
Monera neither denied nor confirmed Yu’s statements.
Meanwhile, Yu said the City has already approved Visayan Electric Co. as the distributor of electricity at the SRP.
“Veco will provide power at the SRP. But it will have to pay the City concessionnaire’s fee since the City owns the franchise,” he said. (JBN)
AYALA-led Cebu Holdings Inc. (CHI) is not closing its doors to the possibility of putting up a mall at the South Reclamation Project (SRP).
“We are always on the look out for opportunities,” CHI chief operating officer Francis Monera told a press conference at the Cebu City Marriott Hotel last Friday.
In a separate interview, Cebu Investment Promotions Center (CIPC) managing director Joel Mari Yu said CHI, operator-owner of Ayala Center Cebu, has proposed a joint venture with the Cebu City Government for the construction and operation of a mall on a five-hectare lot at the SRP.
The mall’s concept is similar to the Market! Market! in Fort Bonifacio.
The arrangement for the joint-venture would be that CHI will build and operate the establishment rent-free. Both entities will share the profit.
“The proposal is good but the City wants to earn a certain amount (regularly) and not just depend on whether the company gains from its operations,” Yu said.
Monera neither denied nor confirmed Yu’s statements.
Meanwhile, Yu said the City has already approved Visayan Electric Co. as the distributor of electricity at the SRP.
“Veco will provide power at the SRP. But it will have to pay the City concessionnaire’s fee since the City owns the franchise,” he said. (JBN)