By IRMA ISIP

Filipino-owned mall operator Benisons Shopping Center is investing P1.55 billion to develop a mall and residential low-rise building along Recto avenue.

The development would complete what it sees as the golden triangle of bargain shopping in Divisoria and signals its redevelopment.

Benisons completes the shopping triangle – 168, Divisoria mall on Ilaya area and Tutuban Mall. Benisons president Benjamin M. Bitanga said this also signals the redevelopment of Divisoria particularly with the completion of the rail links which would all converge to Tayuman.

Bintanga, who used to own Macroasia Corp., and Baguio Gold Resources now owned by businessman Lucio Tan, said the company is currently building the residential component at P250 million called The Top at the Benisons, a first-of-its kind development composed of 47 town home high-end units built on the top floor of the mall.

Bitanga is president of Benisons Asia Appraisal Holdings Co. with 17 companies under it.

Benisons’ residential development is targeted for the upper class market specifically to entrepreneurs of Chinese heritage who want to live close to their businesses and schools. Thirty of the units will be two-bedroom units with floor areas of 97 to 118 square meters while the remaining 17 would be three-bedroom units with areas of 122 to 163 sq.m.

Contract price is anywhere from P9 million to P12 million per unit.

Amenities include swimming pool, clubhouse, playground and supermarket.

Bitanga said there is very limited top quality living in Divisoria and businessmen there choose to live elsewhere like San Juan, Greenhills and Quezon City.

The area has not been developed as much since building in the area is costlier, the watery ground requiring stronger foundation.

"It is 50 percent more expensive to develop there because the soil is watery. For the Benisons mall, we spent P150 million for the foundation alone," Bitanga said.

The Top "broke roof’ earlier this month. Construction of the units start September with delivery targeted by the fourth quarter of 2009.

This is the first residential development by Bitanga but this is its second mall development for Bitanga. The first mall is the Shoppers Gold along Avenida which it built in 2003 in partnership with the late Chito Madrigal.

Bitanga’s other projects include Standard Chartered building on Ayala avenue, Asian Star building and Planters building.

Bitanga said Benisons is the first Filipino-owned mall in Divisoria. The mall, which was launched in October 2007 has 2.4 hectares of space that can accommodate up to 1,500 tenants. Thirty-percent of that would be occupied by Puregold supermarket beginning November.

The mall now has 350 tenants.

Bitanga said Benisons could be dubbed as the Greenhills of Divisoria carrying products at rock-bottom prices with the amenities and convenience of a mall.