The Tagbilaran City Square, formerly the Agora Public Market quietly opened its doors last week with only 30% of the stalls occupied.
After 14 long years, the once "white elephant" right in the heart of the city is now transformed into a commercial center with shops, mostly pawnshops.
Despite prevailing criticisms and questions on the award of the rehabilitation contract of the former Agora public market - being disadvantageous to the government - the contractors of the City Square has opened its doors to officially start business operations.
Ko Beng Sum, the president of the Tagbilaran Business Center consortium, promised that the edifice, which is on its finishing touches, will be completed in time for Christmas. The area occupied at the ground floor is 30% of the entire two-storey building or about 60% of the ground floor area.
"Consider this as our Christmas present to the Tagbilaranons - a modern business center worthy of pride and honor," Ko said during a press conference yesterday.
Ko said the rehabilitation of the former Agora into the City Square was "painstakingly planned".
"It is quite easy to construct and operate rather than rehabilitate and operate," according to Ko, whose consortium will be operating the business center for a period of 25 years.
He disclosed that just to complete the rehabilitation, the contractors "underwent a lot of nightmares how to maximize the existing structure of the former Agora".
While the finishing touches will be made, the business center is ready for occupancy.
According to Ko, the present occupancy rate of the City Square is only 30 percent, which is far way below than the consortium's targeted occupancy rate. Reports said the rental rate is relatively high while a 10-month deposit was required from the interested occupants.
Former OIC Gov. Victor de la Serna , during a radio interiew said the deal between the city government and the consortium is very disadvantageous to the ctiy governemt since the annual payment required is only P5 million, or whichever is higher compared to the groos sales being generated. The edifice was already done with the basic structure when the Lim administration decided to rehabilitate the project as it was creating a "huge monster" in the center of the city's commercial district. - source: The Bohol Chronicle
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