DAVAO CITY — Retail and shopping mall firm New City Commercial Corporation (NCCC) is expanding its real estate portfolio with the development of a mixed-use project in Panacan, located in the central-eastern part of the city.
Sharlene Faye A. Lim, president of NCCC subsidiary LTS Malls Inc., said one of the main features of the 6.9-hectare complex would be a branded hotel and they are currently in talks with several management groups.
Ms. Lim named the Marriott Group, AccorHotels, and IHG Group as among those they are in discussions with.
“They are known brands and we don’t have enough of that here. I think it is about time and given that opportunity, we’ll pursue that. But we are still studying on how we are going to do it,” she told BusinessWorld.
Ms. Lim said they are targeting June 2019 to finalize the discussions for the hotel component.
Other features of the complex will be a convention center that is envisioned to be the biggest in Mindanao, a shopping mall, and a business school that would possibly be under the University of Asia and the Pacific.
Ms. Lim said the Panacan project schedule has been moved to a later period following the fire that destroyed the NCCC Ma-a mall in December 2017.
“We are supposed to start the development in Panacan next year, then NCCC Ma-a (fire) happened, and a lot of time and energy went there,” she said.
The NCCC Ma-a has already been demolished and the company has partnered with DMCI Homes of DMCI Holdings Inc. for the development of a medium-rise condominium complex at the site, alongside a new shopping mall.
“All efforts of our company right now goes to Ma-a,” Althea D. Lucas, LTS Mall associate vice-president, said.
Ms. Lucas said if all the necessary permits are released soon, they are aiming to start construction by next year and complete the project in two and a half years.
The Panacan project, meanwhile, will start upon halfway completion of the Ma-a complex.
NCCC is currently constructing a retail hub with a supermarket along McArthur Highway, not far from the Ma-a site, and is targeted to open within the year. — Maya M. Padillo and Carmelito Q. Francisco