RAPID urbanization of Cebu and the rising sophisticated market have led the Siao family to reintroduce One Paseo, a lifestyle destination on Paseo Saturnino Road in Banilad.
According to Gladys Siao, One Paseo was not known as a lifestyle strip, although it has been there for several years.
“When customers visit us, they normally mention establishments along this area for easy recognition. Now we want to be known as a collective establishment —a strip where people can actually spend their whole day here,” said Gladys.
At present, One Paseo features over 20 establishments, from a hotel to specialty restaurants, pet shop, beauty and wellness shops, services offices, and bars, among others.
“We actually offer a variety of shops here. This is the destination where you can have time for yourself, or with your family, business and friends,” she added.
One Paseo was developed by the Siao’s Signal Properties Corp. The lifestyle strip is leased by the family, which they also sub-lease to business owners.
Johnny Siao, Glady’s father who is also the owner of Cebu’s high-end Spa at Cebu chain, noted that developers these days have veered away from the usual box-type commercial developments and are now going into smaller commercial establishments or commercial strips to adapt to the changing lifestyle of consumers.
“People these ways want everything to be closer to them, maybe because they want to avoid getting stuck in traffic. They now like to go to places where everything is within reach,” he said.
“For example, you are staying in a hotel. There is no more reason for you to go farther because everything you need, from spa to beauty, to yoga to restaurant, to bar shops, is already within your area,” said Johnny.
The Henry Hotel will be adding 24 rooms to the 38 existing ones due to high occupancy level. During the night time, One Paseo enjoys a healthy foot traffic because of the presence of bars and other specialty restaurants.
The Siao family, who is also in the build and sell business, hopes to attract the higher end of the market, knowing that their spot is located near Ma. Luisa Estate Park, one of Cebu’s prime residential areas.
While heavy traffic could be one of the factors of the emergence of lifestyle strips, the new retail concept is easier to maintain compared to big commercial establishments, said global property advisor KMC Mag Group’s managing director, Michael McCullough. He was also quoted as saying the concept has been gaining popularity in the US to offer consumers ease and convenience.
Looking forward, the Siao family is exploring the development of another lifestyle strip in Mactan.
The family though, declined to disclose definite plans, as they are still completing the paperwork.
“It’s a 6,000-square-meter property. The thing is, it is a family owned property, so we can actually build more there. We are thinking of putting up a mixed-use commercial strip there, but again, this is still a plan,” said Johnny.
“What we know for sure is in the next two years, we will be doing something there,” the businessman said, adding that he is now grooming this children to take over the family business, including finalizing the plans for the Mactan project.