DAVAO CITY — Homegrown New City Commercial Corp. (NCCC) is developing its recently-purchased Victoria Plaza, the city’s oldest and iconic shopping mall, into a mixed-use complex with residential and hotel components.
NCCC Malls Sharlene Faye A. Lim said they are planning to build eight buildings in the nine-hectare property, including a five-star hotel through a joint venture deal.
“Starting today, we can start talking to people (possible partners in the development of the project) openly,” Ms. Lim said during the unveiling of the complex design on March 27.
Among the possible partners is D. M. Consunji Inc., which is already working with NCCC for the redevelopment of the latter’s mall that was destroyed in a Dec. 2017 fire.
The other buildings will be for three serviced apartments, the company’s headquarters, and condominiums.
The existing shopping mall will be retained and renovated, and possibly additional floors will be constructed if the foundation permits.
Ms. Lim they have no timeline yet on the development phase, but they are keen on getting things started as soon as possible.
Walter V. Melicor, chief financial officer of Elements Philippines, the project designer, said depending on the processing of permits as well as other factors, the project can be developed within seven to 10 years.
“It will be at par with world-class (developments),” he said, adding that the design for the whole complex is partly inspired by local flora such as orchids and mangosteen tree.
Mr. Melicor said the estimated investment cost is still “fluid” and declined to give an amount.
Emmanuel G. Herbosa, president of the Development Bank of the Philippines (DBP), said they helped the Lim family’s company in buying the property from the Philippine National Bank, which took possession of Victoria Plaza after the original owner defaulted on its loan.
Mr. Herbosa said the loan to NCCC is covered by a non-disclosure agreement.
The DBP head said they are ready to continue assisting the company in developing the project. — Carmelito Q. Francisco

RELATED ARTICLESMORE FROM AUTHOR