Cathay Land, UK firm set to open P2.5-b Outlet mall
Local property developer Cathay Land Inc. teamed up with Freeport Retail Ltd. of London to invest P2.5 billion and open the Philippines’ first outright Outlet mall this year.
Cathay Land president Jeffrey Ng said while most countries in the world had Outlet malls, the Philippines, a major tourism destination, did not have one. Cathay Land and Freeport Retail are building Acienda Designer Outlet in Silang, Cavite.
“With the construction of the Cavite-Laguna Expressway in full blast… our Acienda Designer Outlet will only be 30 minutes away from NAIA [Ninoy Aquino International Airport] and the Entertainment City. Thus, now is the right time to introduce a world-class outlet experience to Manilans and the nearby provinces,” he said.
Pure Projects, a fitout project management team from Australia, is developing Acienda Designer Outlet which is on track to open on Aug. 2, 2018, according to Cathay Land. Construction on a 20-hectare property 10 minutes north of Tagaytay City rotunda along Km. 48 ,Aguinaldo Highway in Silang is now on final stages.
The location is a 90-minute catchment area of 16.5 million locals and tourists with above average incomes and a high level of fashion consciousness.
Retail partners can expect their units to be turned over for fit-out starting this March, Ng said.
“The new Cavite-Laguna Expressway makes our more than 1,000 hectares of landbank in the Sta. Rosa-Silang-Tagaytay growth corridor ripe for development. Just like with Acienda Designer Outlet and South Forbes Golf City, investors and homebuyers alike can expect only world-class property developments from Cathay Land in the next few years,” said Ng.
Ng said he was confident that the dense weekly traffic in Tagaytay City, being a popular tourist destination among locals and tourists, would maximize the potential of the Outlet mall with the promise of high-quality outlet shopping at par with those abroad.
“We expect that phenomenal growth of world-class outlet malls to be duplicated here in the Philippines mainly due to rising incomes locally, remittances from abroad and tourist arrivals that will hit 10 million a year in the next few years,” Ng said.
Ng says with the new outlet mall, tourists would enjoy shopping for designer finds in four themed sections: Italian, French, New England and Spanish.
Cathay Land and Freeport Retail are also identifying strategic locations for a second outlet mall which they wanted to open in three years.
Freeport Retail co-founder and commercial director Chris Milliken said that in over a decade, the Outlet format had been hugely successful with massive sales growth worldwide.
Freeport Retail is a specialist developer and operator of designer outlets. Its most recent development is Freeport A’famosa in Malacca, Malaysia, which opened in November 2015.
“The Outlet format is an established and mainstream retail channel that works for brands, retailers and of course, the consumers. Since we started back in 1992, Freeport has developed Outlets throughout Europe. In 2012 we started our focus on Asia, which is a major Outlet opportunity. Our Outlet village in Malaysia opened at the end of 2015,” Milliken said.