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MANILA - The real estate company of mining magnate Felipe Yap is investing P5 billion to develop a "business community" in Davao.
In a statement, Felcris Hotels and Resorts Corporation said it would turn its 5.9-hectare property into Felcris Centrale, a mixed-use development consisting of a shopping mall, office buildings, residential towers and hotels.
Felcris will invest at least P1 billion to complete the mall and office building, which will cater to business process outsourcing firms. This will form part of the first phase of the project located along Quimpo Boulevard in Barangay Bucana.
Covering more than 54,000 square meters, Felcris Centrale will feature a 12-storey commercial complex with a 10-floor office space and a two-level retail and entertainment center with supermarket, boutiques, restaurants, and specialty shops.
The development is near the Davao International Airport, City Hall and the old business district, providing its occupants easier access to the major transportation and business areas.
Colliers International has named Davao as the next wave city in the Philippines most suitable for call centers and BPO businesses.
Felcris was established in 1969 by brothers Felipe “Fel” and Cresencio “Cris” Yap as a small retail store selling textiles in Anda Street, Davao City. The Yap family, which owns Lepanto Consolidated Mining Company, pioneered the supermarket, warehouse club and convenience store business in Davao.
“In this new endeavor, we intend to take the next step in our family’s vision. This has been a life long dream of the Yap family," said Cassandra Yap, Felcris Centrale executive vice president.
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