Ayala Land Inc. or ALI is set to invest here in Cagayan de Oro the biggest mall in Mindanao costing at least P4.5 billion, this will boost investor confidence in the city which is part of Northern Mindanao.
The city mayor here Constantino Jaraula said that Ayala land Inc. will build the P4.5 billion shopping and recreation mall in its newly acquired property in the heart of this city’s bustling business district along C.M. Recto national highway this year.
“Once completed, this Ayala mall would make the city the major shopping destination in Mindanao as this will be the biggest mall in the region and will further boost our beloved city as a haven for investment,” Mayor Jaraula said.
The mall will be more bigger than Davao City’s P3 billion Ayala Mall, which is set to open in 2012, as the mayor said.
Mayor Jaraula said ALI officials chose Cagayan de Oro as the site of their biggest investment in Mindanao because of its strategic location and peace-and-order situation. ALI’s move will be Cagayan de Oro city’s entry to the big leagues, the mayor said, adding that the company is known for its high-end projects such as Ayala Alabang, Dasmariñas Village, Forbes Park Makati, Ayala Westgrove Heights, Ayala Greenfield Estates, Amara, Ayala North Point, The Residences at Greenbelt, One Serendra and Anvaya Cove.
Although ALI has yet to submit and complete its papers for this project, the city government has already approved the company’s plan to start construction of its pet project in Mindanao. The Ayala Mall – Cagayan de Oro is the latest project of ALI here.
In 2006, ALI developed its high-end subdivision here called Alegria Hills on a 53-hectare land located 240 meters above sea level and approximately eight kilometers from the city proper that straddles the barangays of Indahag, Macasandig and Camaman-an.