Il Corso in Cebu a key part of FLI’s planned retail expansion-A A +A
Friday, May 16, 2014
PROPERTY developer Filinvest Land Inc. (FLI) is expanding its gross leasable area for retail to 500,000 square meters in the next five years, as part of efforts to strengthen its retail and commercial arm.
Of the figure, its Il Corso project in the South Road Properties (SRP) in Cebu City will contribute 35,000 square meters, FLI retail group senior vice president Joy R. Polloso said yesterday.
Il Corso, which sits on an eight-hectare property in the SRP, is the first retail development of FLI outside Luzon. Polloso, in previous interviews, said the company has invested at least P3 billion for the project.
FLI broke ground yesterday for the west zone of Il Corso.
The whole development will house 11 interconnected low-rise structures, which will be composed of shopping, dining and recreation centers.
Polloso said they can accommodate more than 200 tenants in the area and added there is great interest among retailers to position themselves in Il Corso.
“We will continue to pitch to the retailers that our development will be able to cater to the untapped market—the south and tourists who will find our development an interesting destination,” said Polloso in a statement.
With the vibrant retail industry in Cebu, the official added that they are planning to open two buildings in Il Corso before the last quarter of 2015.
This is to let local and foreign shoppers feel “the distinct shopping experience” in Il Corso, “a shopping haven by the sea.”
“It is our commitment to Cebu that we will continue to strive to make our first mall development in Cebu exciting and distinct. It will not just provide choices in additional brands but nourish and support new concepts of Cebuano food that will be at par with global standards,” she added.
At present, Il Corso’s interim tenant locator, Lantaw Restaurant, is attracting a “strong market” from the south.
Il Corso is part of FLI’s 50-hectare master-planned community in SRP called Citta di Mare.
FLI external public relations officer Cerwin Eviota said Il Corso will also serve residents of nearby Amalfi Oasis and San Remo Oasis, part of Citta di Mare, where eight medium-rise buildings have been built, with at least 1,050 units turned over to the buyers.
Published in the Sun.Star Cebu newspaper on May 17, 2014.