Ayala, SM, Megaworld eye tie-up with Albay company
Real estate and mall developers Ayala Land, Megaworld and the SM Group are exploring a possible partnership with Misibis Land Inc. for the development of the Embarcadero retail and ICT complex in Legazpi, Albay. This was revealed to The STAR by Bicolano businessman Elizaldy S. Co whose real estate arm, Misibis Land, is investing P1.6 billion to develop the 51,000 square meter Embarcadero fronting Albay Bay and with a commanding view of the famous Mayon Volcano.
No less than Ayala Land, Inc. chairman Fernando Zobel and ALI president Antonino Aquino, Co said, visited Legazpi three weeks ago for an ocular inspection of the Embarcadero and the Misibis Resorts, Estates and Spa on Cagraray Island which is a 20-minute ferry ride across the bay.
Aerial view of the Embarcadero waterfront | Photo by Dex Baldon
The Ayala Group is eyeing a comprehensive joint venture development deal, according to Co. Likewise, officials of the SM Group have initiated talks about the possibility of leasing a portion of the Embarcadero, possibly to put up a SaveMore supermarket. On the other hand, Co admitted, Kevin Tan of Megaworld had also informally expressed interest in talks regarding a possible joint venture development of the Embarcadero.
Co has not sealed a final deal with any of the three groups and talks are still continuing.
Co’s retail and ICT mall in Legazpi City has been tagged as the Embarcadero with a total of 51,000 square meters of which 31,000 square meters is for the first ever call center operations in Legazpi and 20,000 square meters for a shopping mall. The current global economic recession, Co admitted, has put on hold the plans of some call centers to put up operations at the Embarcadero, but retail space investments are continuing with about 80 percent of the space already pledged or under construction.
The Embarcadero is also the take-off point of a ferry service to the upscale Misibis Resorts, Estates and Spa. Aside from his real estate, retail and leisure developments, Co is also set to develop some $300 million worth of renewable energy projects in Antique and Catanduanes involving hydro-power, solar and windpower under his Sunwest Water and Electric Co. Inc. (SUWECO).
Source: ‘Ayala, SM, Megaworld eye tie-up with Albay company’ by Marianne V. Go, The Philippine Star, September 28, 2009. Accessed September 28, 2009
Ano ba ung nasa kabila nang kapuntukan hill?
ngayon ko lang yan nakita ha…
and I think, short-cut na bayan papunta sa Puro?
I was a visitor there for 12 times. I find, thats the most wounderful place on this earth.
sana ibalik ung plano na magkaroon ng SM CITY LEGAZPI..
Ibalik plano SM City Legazpi? For what? What does SM do good for Legazpi? Henry Sy is a very good businessman. If they see the potential of the place, they will will pursue. For them it is all about profit, money and business. Kung nakita nilang kikita sila sa Legazpi matagal na silang nagbukas ng SM sa Legazpi. Let’s not expect that SM will open Mall in Legazpi para mabigyan ng trabaho ang mga Legazpino. No. Magbubukas sila pag kikita sila. PERIOD. Plain and simple.
guys as far as all of ur concerned heheheheh
mgkakah sm nah poh sah legazpi city, ung gnagawang airport sah daragah after nun mah komple2 ang construction, un nah poh ang ggawing legazpi airport habang ung airport nman near linon hill eh iddimolish nah poh coz dun poh itatayoh ang bongang SM LEGAZPI. GETZ?
Actually, mayo pa pong exact location for SM City Legazpi. Basta igwa ng proposed plan by 2012..Source: SM PRIME HOLDINGS
Igwa na tabing proposed plan for SM City Legazpi by 2012. paki check po sa SM Prime Holdings.
wag na munang mag lagay ng SM sa legazpi kasi ma aapektohan ang ibang malls,,,tingnan nyo sa naga ung LCC mag sasara na yata at ung ibang malls ng dahil sa SM naga na yan!!
Why would you want SM to put up a mall in Legazpi if Ayala, Megaworld and SM is planning to tie up with Co to develop Embarcadero? Don’t you think it would be better that way? Co will be able to give more jobs, a place of leisure and a better Legazpi. A win-win solution for everyone. Plus, Bicolano ang may sadiri ng property.
Sana magkaSM na sa Albay. Sana!
Magkakaigwa na po talagang SM Legazpi According to SM Prime Holdings….Target Open by 2012….so most probably next year na po ang construction..saro sa mga pig planuha kng sain ilalaag ang SM Legazpi sa Airport Legazpi..
go go go legazpi! sana ma2loy ang Project eying ng Ayala, SM, Megaworld.maraming matutulongan at magkakaroon ng traboho. Boost economic and tourism.
Legazpi has the potential of being a world class city ,I hope Gov. Salceda can make it coz he’s an expert economist,he has a wide vision,and guts.I wish na may mag invest sa Legazpi na magtayo ng high rise building,at least 15 storey man lang,condo\office\hotel etc. I’ve noticed na mula pa ng elementary pa ko iisa lang ang traffic light sa Legazpi hangga ngaun iisa pa rin,sana dagdagan pa para magmukhang city talaga,lalo na ngaun ma traffic na.Sana ma improve ang mga sidewalks,ample signboards,sewers,etc.,siguro lalong gaganda ang legazpi kapag natupad ang mga uggest
Legazpi has the potential of being a world class city ,I hope Gov. Salceda can make it coz he’s an expert economist,he has a wide vision,and guts.I wish na may mag invest sa Legazpi na magtayo ng high rise building,at least 15 storey man lang,condo\office\hotel etc. I’ve noticed na mula pa ng elementary pa ko iisa lang ang traffic light sa Legazpi hangga ngaun iisa pa rin,sana dagdagan pa para magmukhang city talaga,lalo na ngaun ma traffic na.Sana ma improve ang mga sidewalks,ample signboards,sewers,etc.,siguro lalong gaganda ang legazpi kapag natupad ang mga suggestions ko.