Legazpi cited investment wonderland

LEGAZPI CITY -- Why invest in this city and not somewhere else?

This was the question readily answered by Antonio Tan, president of Liberty Commercial Center Inc. (LCCI), immediately after signing an agreement with the city government for a P2-billion investment for the establishment of a new mall complex on the 1.5-hectare land at the city’s central business district.

The land, which was site of the first-ever commercial center in the city that was razed by fire nearly 20 years ago, is owned by the city government.

LCCI is owned by Filipino-Chinese Tan family that originated from Tabaco City and pioneered the establishment of malls in the region.

It now runs a chain of malls with LCC-Legazpi located at the heart of the commercial district here as the biggest and the second oldest, next to LCC-Tabaco, and in almost all urban towns of Albay, Camarines Sur and Sorsogon.

“Firstly, LCCI is an Albayano company and, secondly, Legazpi City, our second home, is today’s most attractive investment site that investors like us see as an investment wonderland because of the very friendly environment created by the city government for businesses,” Tan said, as he emerged from the office of Mayor Noel Rosal after signing the contract over the week.

Under the contract, the property is leased to LCCI for an annual base rent of P5.775 million.

The project cost is not mentioned in the document covering the contract (a copy of which obtained by PNA here over the week) but Tan said it is to the tune of P2 billion to cover the development of the site into a world-class shopping and lifestyle center featuring a four-level modern mall building.

Tan said works on the project will commence immediately after all necessary permits and approvals have been issued or granted as LCCI has a 20-month construction period provided under the contract.

He said the company will be racing against time in completing this project as it has to be put in operation before the opening of the Southern Luzon International Airport (SLIA) in the nearby Barangay Alobo, Daraga, Albay, that is expected before the end of 2014.

“Indeed, Legazpi is the best place in this part of the globe for new investments, given its strategic location that makes it the regional center of government for Bicol, center of transportation, education and health services and the heart of Albay’s tourism being named as the City of Fun and Adventure by the world’s travel industry,” he said.

The infrastructure projects of President Benigno S. Aquino III is another boost to the locality’s leadership as new investment destination in Southern Luzon.

At present, a P2-billion flood control mega project funded by the national government is ongoing implementation by the Department of Public Works and Highways (DPWH) to make Legazpi an all-weather city, a development that the local business community is also anticipating, Tan added.

Rosal said that apart from LCC, two other business giants—the SM Prime Holdings and the Robinson Retail Group -- are also putting up new investments in the city.