When the new shopping center is complete, it will have space for 2,000 tiangge stalls, almost double than the current number located in Greenhills today
Property developer Ortigas & Co. has unveiled a Php6.3-billion redevelopment plan for the iconic Greenhills Shopping Center, one of the country’s most popular destinations for bargain shoppers.
To be implemented over a three-year period to 2021, the major upgrade aims to turn what is now being called the new Greenhills into a giant retail hub in the mold of massive bargain shopping centers in Thailand in Southeast Asia and Dubai in the Middle East.
When the new shopping center is complete, it will have space for 2,000 tiangge stalls, almost double than the current number located in Greenhills today, said Arch. Renee C. Bacani, Ortigas Malls manager and vice president at Ortigas & Co.
“We are offering 2,000 stalls, greater than our current inventory of tiangge stores,” Bacani said. “The increased number of options ties in with the enhanced shopping experience similar to the souk shops of Dubai and the bargain meccas in Thailand.”
The new Greenhills, set to open by 2021, will consist of seven floors with a gross floor area of over 100,000 square meters. Five floors of the new property will be dedicated to tiangges alone while the rest of the space will be dedicated to 150 lifestyle brands, which will include apparel and restaurants. The mall will also have three basement floors for 1,300 parking slots.
Aside from retail and food spaces, the new mall will also include six cinemas, bringing the total number of cinemas in the property to 14, one of the few destinations in Metro Manila with more than a dozen theaters.
While the slated redevelopment will combine the mall’s tiangges with established global and local brands, Bacani said rental rates would remain affordable for small businesses.
“The rental rate of the [tiangge] stalls will be based on the classification of the products they will sell, size of stalls and duration of lease. The format is to encourage budding entrepreneurs,” Bacani said. “We want to help them grow their businesses by providing a more cost-effective platform for them to reach the market. It has always been our thrust to be a retail incubator.”
According to current tiangge operators, monthly leasing these days ranges from Php38,000 to Php43,000 with rates also varying according to a stall’s location and its offerings. That’s already similar to the rental rates of most shopping malls in the Ortigas area, with minimum rental rate per square meter starting at Php1,000 to as much as Php2,500.
Still, even with its close proximity to other upscale malls in nearby cities, Greenhills has made a name for itself as the home of bargain apparel, gadgets and furniture finds.
The redevelopment plan for the mall is the first phase of a Php60-billion expansion plan for the property. In recent years, it has seen the construction of an upscale residential condominium tower called Connor and the renovation and relocation of its Unimart grocery and various parking spaces in the area.
Elyssa Christine Lopez is a staff writer of Entrepreneur PH. Follow her on Twitter @elyssalopz