CEBU-BASED Vibo Group of Companies announced it will be offering an additional 1,000 square meters of leasable space targeted for offices spaces and service establishments at Vibo Place.
“It will have a new building and we’re opening up an 800 square meters of new rentable area in the Caiaa Center,” said Allen Andre Suarez, marketing and leasing head of Vibo Place.
Vibo Place, located along Escario St., Cebu City, is currently home to about 60 tenants under the strip mall, Axis Entertainment Avenue, the 82 Vibo Center and the mixed-use Caiaa Center.
The expansion will accommodate around 15 more tenants focused more on services to complement the food and beverage outlets which are already operating.
“The public can expect more activities at Vibo Place. So after eating, they can go to the spa or salon,” Suarez said.
The new wing of Axis Entertainment Avenue and the expansion of Caiaa Center will be turned over in the first quarter of 2020.
“We are now 50 percent reserved for the new development within the Vibo Place. With this, there’s an estimated 10 to 20 percent additional sales revenue,” he said.
The company said it has achieved P200 million in annual combined sales from its tenants prompting it to pursue more projects that will provide a more integrated and better experience for its customers.
“Before, the property was not generating any income. Now, it generates that much income with all of the sales of the tenants combined,” said Suarez.
Vibo Group recently launched its first vertical condominium project, the 15-story West Jones Residences with 307 residential units. The company is also pursuing another project named The Curve, a 20-story condominium project located on Ramos St., Cebu City. (JOB)