TO revitalize downtown Cebu City, property player Akropolis Stars Realty Development Corp. converted a 70-year-old lumber business into a 16-storey building that houses a mall and a business hotel.
This is the first venture of the Yu family, who has joined the rising number of local investors cashing in on Cebu’s vibrant retail and hospitality industries.
One Central Tower, located at the corner of Leon Kilat and Sanciangko streets houses One Central Mall and the 160-room One Central Hotel being managed by the Bluewater Hospitality. It used to be the location of Luzon Lumber.
“We are building a legacy on a property handed down by our forefathers. We thought that building a mixed-use development in this area is the best way to serve Cebuanos, especially that this area here needs revitalization,” said Steven Yu, chairman and chief executive officer of One Central Tower.
He added these new ventures which are scheduled for a grand launch this October is seen to boost employment opportunities in Cebu at the same contribute to the growth of the local economy.
Akropolis Stars Realty Development Corp. is the real estate arm of the Yu family. It embarked on a two-year construction program to erect the mall and the hotel.
The business hotel, which soft-opened last April 6, has since been getting positive reviews from both local and international guests.
“We are blessed with a location that is near the bus terminal and the busy downtown area. We are pleased to be providing guests a safe and comfortable stay while they are in Cebu,” he said.
The Yu’s core business is trading for more than 20 years, while its other business interests include a franchise of a food chain and small real estate projects, specifically commercial buildings.
One Central Mall, which now houses Bonchon’s fourth branch in Cebu, will be home to local and international retail outlets.
Colliers Philippines earlier predicted that retail and tourism businesses will continue to flourish in Cebu, as investors capitalize on the opening of the Terminal 2 of the Mactan Cebu International Airport.