Giant mall developers eye investment in Zamboanga City

• Source: http://www.pna.gov.ph/index.php?nid=2&rid=978241
• Thursday, April 6, 2017

(PNA), TPGJR/DARWIN WALLY T. WEE

ZAMBOANGA CITY, April 6 (PNA) - The country’s big mall operators and developers are interested to locate in this southern port city, an official said Thursday.

“Previously, most of the investors in Zamboanga City are local [businessmen]. Now, we have a lot of investors coming from outside of the city, which slowly brings the confidence back,” Marie Angelique Go, city economic and investment promotion officer, told the Philippines News Agency.

Just right after the 2013 Zamboanga siege, two malls have opened here--the General Santos City-based Koronadal Commercial Corporation (KCC) and the City Mall Commercial Center, Inc. (CMCCI), a subsidiary of Double Dragon where SM Investments Corp. (SMIC) has a 34 percent stake.

Go, who is also the city administrator, said the local economy is bouncing back following the devastating effects of the 21-day September 2013 siege.

She said that SMIC has also entered into a joint venture agreement with the local Mindpro Citimall. SM would take over the operation of Mindpro and establish its first supermarket in this city, she added.

Go also confirmed that the Sy-led SMIC already bought a lot in this city for the possible construction of a new mall.

Talks are also ripe for the possible entry of S&R Membership Shopping, which is operated by Puregold Price Club, Inc.

Property giants Ayala Land, Inc. and Gokongwei-led Robinsons Land Corporation are also reportedly scouting for commercial areas for the possible construction of their malls in this city.

“With the current administration, we are open to outside players. In fact, data from the investment incentive board showed that most of the applicants are from outside of Zamboanga city,” Go said.

Since 2014, investments in this city have been increasing at five percent annually. In 2016, it generated at least PhP700-million worth of investment, records showed.

To prepare for future development, the city recently passed the Comprehensive Land Use Plan (CLUP) that was designed by renowned urban planner Felino Palafox Jr.

Under the plan, it identified at least seven growth centers in this city: two in the west coast, four in the east coast, and in the central business district.

During the recent “Philippine Emerging Cities” at the 5th APAC Real Estate Investment Summit, Palafox identified Zamboanga City as among the “top emerging cities outside of Metro Manila” because of its huge potentials.

“I see a lot of development potentials for Zamboanga City. Dubai, like Zamboanga, is a port city. But unlike Dubai, Zamboanga is blessed with more natural resources,” Palafox declared.