Filinvest Land Inc. (FLI) has issued the go-ahead to erect two new malls and expand an existing one under its subsidiary, Festival Supermalls Inc.
Set in Alabang, Muntinlupa, the company's flagship Festival Supermall has been green-lit for expansion. Meanwhile, two new malls under the company's brand of Il Corso will open their doors in Cebu and in Laguna in 2015.
Laguna's Il Corso will rise along Brentville's Village Front, a known community commercial area of Brentville International. Cebu's Il Corso, meanwhile, will find a home in FLI's City Di Mare, an upcoming township worth P35 billion and spanning 50 hectares in territory.
Set to rise on South Road Properties (SRP), a reclaimed area spanning 300 hectares, the township's name translates to "City by the Sea" in Italian.
FLI senior vice president, Joy Polloso, emphasizes Il Corso's role in Cebu as that of an integral lifestyle hub with 11 interconnected buildings.
"The major retail project in Cebu, Il Corso will be opening its doors in 2015. The Central Piazza where the main entrance and amphitheater are located will be ready to welcome guests early next year,” issued Polloso.
Set to rise within Phase 1 are two buildings dedicated to Cebuano-artisan food concepts, said FLI.
"Cebuanos still try to keep a laid-back lifestyle and value food as an integral part of their lifestyle," said Polloso. " Such is the intent of Il Corso for gathering these Cebuano food concepts in one place, specifically in the central piazza."
With the three malls, FLI's gross floor area will expand to 328,756 square meters. Meanwhile, its gross leasable area should jump by 58 percent, going from 134,090 square meters to 219,195 square meters, according to the real estate firm.