CEBU, Philippines — Publicly-listed Cebu Landmasters Inc., (CLI) is bound to become a full-fledged mall developer with the opening of Astra Mall in 2021.
The three-level lifestyle mall is part of the P3.6 billion mixed-use Astra Centre project of the company, situated along A.S. Fortuna street in Mandaue City.
Although this is not the first venture of CLI into retail leasing, as some of its projects have retail component, this is so far the first retail-dedicated development, which covers a total of 15,000 gross floor area.
Along with the opening of Astra Mall will be the 146-room Radisson Red Hotel, and the residential building named One Astra Place.
CLI formally launched the multi-billion-pesos project Wednesday at the Radisson Bu Hotel.
According to CLI chief executive officer (CEO), Astra Centre, which will rise on a 1.2 hectare property in Mandaue, is just part of the many integrated developments that will be introduced by the company in Visayas and Mindanao.
To be constructed at a future date as phase 2 of the development is tower 2, which will consist of Astra Corporate Center offering 12 floors of modern office spaces with leasable area of 15 square meters and a residential condominium.
“CLI understands the dynamic lifestyle of Cebuanos and we address this by offering an astounding, aspiring and all-in-one development,” Soberano said in a press conference.
Prior to the introduction of Astra Mall, CLI biggest retail-related development is the Baseline Center which has Robinsons Supermarket, Abaca Group, and others.