Cebu Holdings borrows P2.8B to fund shopping mall expansion

Mall developer Cebu Holdings Inc. is borrowing P2.8 billion from the Bank of the Philippine Islands to partly fund the second phase of Ayala Center Cebu, one of the largest shopping centers in the province. Eleanore Tomaneng, Cebu Holdings chief finance officer, said in a disclosure to the Philippine Stock Exchange the development of the shopping mall in Cebu will cost around P2.97 billion. The expansion of Ayala Center Cebu will begin in March of this year and will be completed by the third quarter of 2013, the official said. Upon completion, the expansion of the mall will bring in an additional 36,300 square meters of gross retail leasable area, according to Cebu Holdings. “The planned expansion will complete the circular design of the mall which also serves as the centerpiece of the mixed-use development within the master plan of Cebu Business Park," Tomaneng said. Cebu Business Park is considered the premier business and commercial district in the Visayas and Mindanao. — JE, GMA News