Proposed commercial complex in Benguet
A commercial complex, which will cover around 3,910 square meters, will be built in Benguet’s public market area.
The proposed mall in Benguet is expected to further alter this town’s landscape from a flower and strawberry producing economy to a fast urbanizing capital.
Town mayor Artemio Galwan believes that the Benguet mall would enhance the town’s revenue and attract more capital from investors who found nearby Baguio City already a crowded market.
The commercial complex will be built by Jarco Realty Development Corp. on a build, operate and transfer (BOT) scheme for 30 years. It is expected to be finished in 2012, after which Jarco will start paying rent ranging from P25 to 31.90 per square meter for 30 years.
The project however, is not free from scrutiny and criticism. As there are some sectors who are opposed to it, especially the vegetable dealers who might be displaced because their place would be affected. While others are concerned about the worsening of the already problematic traffic situation there.
Galwan is very much aware of these concerns, believe that the project’s potential economic benefits far outweighs the disadvantages.
January 31, 2010
Tags: Benguet, commercial complex, infrastructure, property development, proposed mall Posted in: Announcement, Consumers, Corporations, Government, Philippine business news, Philippines, economy, investments
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