TOPLINE Equity Corp. (Topline Group), the ultimate parent of listed Cebu-based fuel retailer Top Line Business Development Corp. (TOP), has unveiled a flagship mall development project with the soft opening of the Bay Mall in Liloan in northern Cebu.
The mall, a project of subsidiary Vikingland Corp., is the product of a public-private partnership with the Liloan local government under a build-operate-and-transfer scheme.
The property is being developed on municipality-owned land, and Topline will operate the mall under a concession period of up to 50 years. The initial concession period is 40 years, renewable for 20 years.
“Bay Mall is a catalyst for progress in Liloan. We are very happy and excited about this vision turned into reality,” Liloan Mayor Aljew Fernando Frasco said.
The three-story mall will house a Robinsons Supermarket as its anchor tenant along with food stations, specialty kiosks, wellness centers, clothing stores and financial service providers on the first two floors.
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The mall’s third floor will house a 1,000-seat business processing outsourcing facility.
Topline Chairman and CEO Eugene Erik Lim said: “Bay Mall, the new landmark in northern Cebu, is a symbol of what progressive partnerships between the public and private sector can achieve.”
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“This is expected to generate jobs, drive consumption, and stimulate the local economy, adding revenue streams to the local government,” Lim added.
With its more than 200 subdivisions and communities, Liloan is seen as an emerging and strategic commercial hub in Cebu.
Topline said it would be offering a free shuttle service from its smart port at its Pier 88 development to Bay Mall.
Top Line shares on Friday closed up 1.35 percent at 37.5 centavos each.
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