Lucio Co-led Cosco Capital Inc. has acquired a prime property in Biñan, Laguna for its third community mall project.
In a disclosure to the Philippine Stock Exchange, Cosco said that it purchased a 3,192 square meters (sqm) of land at A. Mabini St. in Poblacion, Biñan, Laguna for one of its planned community malls.
The Biñan mall will be the third of six malls to be built under the Cosco Community Mall brand.
On Tuesday, the company announced that the second Cosco mall will rise in Marikina. Construction for this project will start in the first quarter next year.
Last year, Cosco acquired NE Pacific Shopping Centers Corp., which operates the largest mall in Nueva Ecija. The first Cosco mall will rise in Cabanatuan City.
Cosco President Leonardo Dayao said that the projected investment per mall is roughly at P400 million each, or P2.4 billion for the six planned malls. The Cosco Community Mall chain will be the company’s vehicle to compete in the community mall sector.