Homegrown trading firm ventures into retail leasing

CEBU, Philippines —  Cebuano trading and distribution firm Alain Asia Group of Companies enters into retail leasing and hospitality businesses.

 The company has converted the 70-year-old Luzon Lumber store situated in Sanciangko corner Lion Kilat streets in downtown Cebu into a 16-story building called One Central Tower.

Alain Asia Group of Companies chairman Steven Yu said the decision of the family to develop the 1,200 square meters property is also to help revitalize and modernize the landscape of the old downtown area in Cebu.

The company established the Akropolis Stars Realty Development Corporation to develop the 160-room One Central Hotel and One Central mall.

The hotel has already started its soft-opening, while some tenants of the mall have already opened.

The Yu family has been thriving in trading and distribution business for two generations, Yu said it is time to take advantage of the opportunities brought about by robust tourism and retail industries.

The business hotel, which promises an affordable luxury services, is managed by Bluewater Hospitality brand.

Aside from trading and distribution businesses, the Group is also engaged in food venture as the franchisee of four Bonchon restaurants in Cebu.

Yu said the One Central Tower also is the company's contribution to revitalize the Colon area.

"The old downtown in Cebu needs revitalization," Yu said on the sidelines of the grand opening of Bonchon restaurant at One Central Mall, the fourth outlet opened by Avalon Scion Foods Corp, a subsidiary of Alain Asia Group of Companies.

According to Yu, tourism and retail are two of the most promising industries that have potential for growth.

The One Central Tower jumpstarts the company's plan to diversify and take advantage of Cebu's fertile business grounds.