Cebu City, Philippines, - Mall developer Cebu Holdings Inc. (CHI) will soon open a P600-million redevelopment project of Ayala Center Cebu, which will create a resort ambience within an urban community.
CHI president Francis O. Monera said the project, called ?The Terraces,? is designed to contribute to Cebu's reputation as a tourist haven.
The project covers 8,000 square meters with buildings arranged in a terraces-like layout overlooking a landscaped garden.
The property was designed by a California-based company.
?In your homes, the terrace is a place where you bond. That's the same ambiance we want to create in this development. It is a place where family can get together,? Monera said in a press conference last week.
Monera said 78 percent of the gross leasable area, expected to accommodate 55 stores, has already been reserved. The remaining 22 percent is under negotiations.
The Terraces will have a soft opening on the second week of October and be formally launched in a grand opening party on December.
Around 30 stores will begin operations next month.
Clavel Tongco, senior division head of Ayala Malls Group, said the project combined the best features of Glorietta and Greenbelt, two of Ayala malls' upscale mall development projects located in the central business district, Makati City.
The Terraces was designed for both Cebu residents and local and foreign tourists, she said.
?You cannot consider yourself to have visited Cebu if you have not come to this development. We have put together high-end, mid-end and trendy restaurants which can operate individually and separately from the mall,? said Tongco.
Tongco said they will be consolidating all ?dining concepts? in The Terraces so they can open early and close late, and take advantage of the market of people who loves to dine out.
The center building, which is located across the former lagoon, will have several restaurants clustered according to type.
Tongco said high-end restaurants will be located on the ground floor, mid-end restaurants on the second floor, while specialty and trendy restaurants will be found in the third floor.
?There is an exciting mix of restaurants and lifestyle stores within the property. For Cebuano shops, we have asked the restaurants to create special concepts,? she said.
Aside from restaurants, specialty book store, Fully Booked, is also developing a 600-square-meter store within the project.
A wellness zone is one of The Terraces' highlight spots, said Tongco. Some of the locators are Healthy Options and a clinic of Dr. Vicky Belo.
?We have combined the best designs and concepts of Manila and Cebu. This is a one of kind, market-driven development which we think will click in the market,? Monera said.