POPI to redevelop Tutuban Center

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LISTED Prime Orion Philippines Inc. (POPI) is set to focus on the redevelopment of the Tutuban Center in line with the company’s growth plans.

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In a disclosure to the Philippine Stock Exchange on Monday, POPI said its board of directors approved the new growth plans and strategies for the company, which will focus on the redevelopment of the Tutuban Center.

Tutuban Center is a retail complex in the shopping district of Divisoria in Tondo, Manila with a gross leasable area (GLA) of about 60,000 square meters, offering various concepts from wholesale and bargain stalls to regular retail and food outlets.

It is owned by Tutuban Properties Inc., a subsidiary of POPI.

POPI noted that the redevelopment of the Tutaban Center will revive its role as a key retail and commercial hub in the city of Manila.

“To ensure alignment, the organization, its operations and processes, including manpower complement, will be restructured,” POPI said.

The company said that the initial phase of revitalization of the Tutuban Center is ongoing, with improvements to facilities such as parking already completed.

Last February, property giant Ayala Land Inc. completed its transaction of POPI as it acquired 51.06 percent of the firm for P5.625 billion.

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