Jaraula confirms P4.5-B Ayala Mall to rise in Oro

By Joel C. Escol

Cagayan de Oro city mayor Constantino Jaraula over a local radio station here confirmed the biggest investment of Ayala Land Holdings Incorporated through the construction of Ayala Mall and Business Center in Baragay Indahag.

Jaraula said this is the biggest investment of the company in Mindanao having an initial budget of P4.5 Billion Pesos. The project is much bigger than Ayala Davao’s P3 billion which is also set to be completed in 2012 at a nine hectare property in JP Laurel Avenue owned by the Floirendo family in Davao.

Ayala said once the Ayala operates the biggest Ayala Mall Cagayan de Oro, the biggest mall in Mindanao, it would make the city the major destinations of foreign and local investors and many residents of the city and its neighboring cities and provinces would also enjoy many job opportunities, this biggest investment of Ayala Holdings can offer.

Earlier managers and engineers from the Ayala Group of Companies visited Cagayan de Oro City and talked to then mayor Vicente Emano about their plans to establish one of Ayala’s ambitious projects in Southern Philippines.

They said they also came to the city to prepare for the ground works of the sprawling P4.5 billion business complex in Cagayan de Oro.

The city government has already given the company a go signal to start the construction phase of the project even as their papers are yet to be completed just like the favor the city also gave to other major investors such as SM Mall and Macro.

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