New mall to be built in Benguet
Posted on January 31st, 2010
Many fears the disadvantages that it could bring, such as affecting the trade of vegetable dealers in the town and that it will worsen Benguet’s traffic problem. But Mayor Artemio Galwan is adamant on the plan of building a P268-million commercial complex in the public market area.
“The trend is now to erect malls, it’s a good attraction for businessmen,” Galwan said. Local officials hope that the proposed shopping mall complex would boost the town’s bid to become the Cordillera’s second major business center after Baguio City.
The proposed mall would be a three-story building, which would occupy 3,910 square meters of the market are. Galwan believes it would enhance the town’s revenue and attract more capital investors who found nearby Baguio City already a crowded market. “The complex would respond to the need to systematize business in the town whose daily economic activities had grown with too many stakeholders,” he said.
Galwan is very much aware of the opposition and concern of some sectors regarding the proposed commercial complex. He said he was not surprised of their reactions, but he is quick to add that the project’s potential economic benefits far outweighed the disadvantages. “The mall would become an attraction for investors. We wanted to absorb the spillover of investors from Mt. Province, La Union, Pangasinan and Baguio City,” he said.
The proposed mall would be built by Jarco Realty Development Corp. who will build the complex on a build, operate and transfer (BOT) scheme for 30 years. The project is projected to be finished by 2012, after which Jaro will start paying rent ranging from P25 to P31.90 per square meter for 30 years. The town is expected to earn a total rent of P39.0 million before the mall’s ownership is transferred to the town government.
