Metro Retail signs joint-venture deal with Samar

METRO Retail Stores Group Inc. on Tuesday said it signed a joint-venture agreement with the local government of Samar for the development of a 2-hectare property in Catbalogan.

The company that operates Metro department stores in the country said it will allot P473 million for the development of a mixed-use facility on a 2.2-hectare property owned by the provincial government.

The development will have a shopping mall that will feature a department store and supermarket with one movie theater and with leasable spaces; a convention center; a government center with business-process outsourcing (BPO) center; a transport terminal; and a hotel.

“The project shall be composed of two phases—the construction phase and the project- implementation phase,” it said.

The company said it will construct the department store and supermarket with one movie with leasable spaces, expandable to a community mall, some 18 to 24 months from turnover of the property.

The convention and government centers will be constructed eight months from the turnover, while the hotel will be one year to 18 months from the turnover.

“The implementation phase of the project shall be for a period of 30 years to be reckoned from the start of the commercial operations of the department store and supermarket with one movie theater and with leasable spaces,” it said.

The two agreed to have a share in the monthly gross revenues and gross rent, without value-added tax, from the operation of the shopping mall. All revenues to be derived from the operation of the convention center, government center with BPO and transport terminal will be to the province. VG Cabuag