Thursday, October 30, 2014

Cosco invests P2.4B in 6 community malls

Six malls over two years: with this master plan in mind, Cosco Capital Inc. duked out P2.4 billion for the six outlets, starting with one each in Marikina and in Nueva Ecija. A chain of community malls, the brand is looking to provincial locations, a prime market for their goods and services. But Cosco president Leonardo Dayao states that Cosco will likewise build in Metro Manila, given the chance. The malls will have a lot size of 3,000 to 10,000 square meters each, and a gross floor area of 5,000 to 7,000 square meters, according to the Cosco president. On a lot measuring 7,168 square meters, Cosco’s branch in Marikina is set to rise in Marikina Heights, near Marist School and St. Scholastica’s Academy, the city’s principal educational institutions. With construction poised to begin in the first quarter of 2015, the branch is the company’s second, after the inaugural outlet in Nueva Ecija.

Cosco is seen as a direct competitor to CityMall, the chain of community malls by DoubleDragon Properties Corp. A holding firm business of Lucio Co, Cosco Capital Inc. is known most famously for Puregold Price Club Inc., their retail division.

Cosco has several real estate holdings as well, among them Ellimac Prime Holdings Inc., a corporate flagship, and Fertuna Holdings Corp., known for its projects in the Subic Bay Freeport Zone. In 2013, Cosco acquired NE Pacific Shopping Centers Corp., the largest mall operator in Cabanatuan City, Nueva Ecija.

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