Robinsons Land Corp., the property unit of the Gokongwei Group, recently opened Robinsons Place Tuguegarao, its 50th shopping mall in the country.
Robinsons Land said in a statement the opening of the newest mall would further boost the company’s recurring income portfolio.
“We are happy to mark our 50th mall milestone in Tuguegarao. This city is a perfect place to open a mall right now because of its vibrant economy as the central hub in the province of Cagayan,” said Robinsons Land president Frederick Go.
“We look forward to our next 50 malls. We will continue to build in new territories, in underserved markets, and in places where they can be catalysts of economic growth,” he added.
Located in Cagayan’s regional center, the three-story Robinsons Place Tuguegarao is the second Robinsons mall in the region following Robinsons Place Santiago in Isabela and the fourth in Northern Luzon.
Robinsons Land said Tuguegarao’s economy had gradually shifted from agriculture to trading, commerce and services. It serves as commercial and institutional hub and is the ideal location of banks as well as regional or provincial branches of big companies.
“With the presence of the new mall, RLC becomes the catalyst in promoting and supporting progress, spurning more businesses to open and flourish in the Region,” said Robinsons Malls general manager Arlene Magtibay.
The mall has a gross floor area of 60,000 square meters with 38,000 sq. m. of leasable space.
Robinsons Land hotel chain Go Hotels will also be annexed to the mall. Go Hotel Tuguegarao will have 136 rooms.
Robinsons Land is scheduled to open four malls, which will boost the company’s total mall space to ovre 1.5 million square meters.
Aside from Tuguegarao, RLC is set top open malls in Ormoc, (Leyte), Pavia (Iloilo) and Valencia (Bukidnon). The group also plans to launch one mall and expand three existing stores.
The property firm earlier said it would spend P22 billion in capital expenditures this year, primarily to finance office and mall development and land acquisitions.
It also indicated plans to venture into the dormitory and shared office businesses while expanding its newly-formed logistics and warehousing business.