Festival Supermalls Inc., a subsidiary of Gotianun-led property firm Filinvest Land Inc. (FLI), will open two malls under the Il Corso brand in Cebu and Laguna next year, as well as the expansion of its flagship mall Festival Supermall in Alabang, Muntinlupa.
FLI said the expansion for the three malls would increase the company’s gross leasable area (GLA) by 58 percent to 219,195 square meters (sqm) from 134,090 sqm previously. Upon the malls completion next year, FLI will have a gross floor area (GFA) of 328,756 sqm.
Joy Polloso, FLI senior vice president for commercial center and retail management, said Festival Supermalls will open an Il Corso mall along Brentville’s Village Front, the community commercial area of Brentville International in Laguna, as well as another Il Corso in Cebu situated within FLI’s P35-billion City Di Mare (CDM) township development.
The 50-hectare CDM is within the Cebu City government’s 300-hectare reclaimed South Road Properties, which is also the home to SM’s 30-hectare Cebu Seaside mall.
“We target to soft open the Festival Mall [Alabang] expansion, Il Corso in Cebu and the Village Front in Brentville,” Polloso said.
“The major retail project in Cebu, Il Corso will be opening its doors in 2015. The Central Piazza where the main entrance and amphitheater are located will be ready to welcome guests early next year,” she added.
FLI noted that the Il Corso mall in Cebu will be a massive lifestyle center in the area—having 11 connected buildings—which totals to 55,000 sqms GFA and 36,000 sqms GLA by the time it finishes construction.
Phase 1 of the Cebu Il Corso development consists of a central area with two buildings, which will accomodate Cebuano-artisan food concepts.
Looking forward to 2016, FLI is set to launch a mall in its mixed use development in Tagaytay called Fora, as well as The Center Square Community Mall in Molino, Cavite.
The Fora development in Tagaytay will have 32,000 sqms of retail and mall space, which is located at the Tagaytay Rotunda, setting its sights to be the tourists’ destination for intimate dining, recreational family bonding and indulged shopping.
The Center Square Community Mall in Molino, Cavite, on the other hand, will also be launched 2016, which would add 20,000 sqms of retail space for Filinvest.