Building a Business Empire with my Technological System

Chapter 289: Purchasing the Property for the Mall

July 30th, 2028. Quezon City, Philcoa. The site that his team selected for his mall project was the Citi Mall Philcoa.

Michael stood at the entrance of the old Citi Mall Philcoa, gazing at the dilapidated building. He was accompanied by Bridget and Juliet, both looking around, taking in the site's potential.

Citi Mall Philcoa has a rich history. It was once a bustling hub of activity, a popular shopping destination for locals and visitors alike. Built in the early 2000s, the mall housed numerous retail stores, restaurants, and entertainment facilities. For years, it thrived, becoming a central part of the community.

However, over time, competition from larger, more modern malls in the area, like SM North EDSA and Trinoma, began to take its toll. The rise of online shopping further exacerbated the mall's decline. Tenants started leaving, and the foot traffic dwindled. Efforts to revitalize the mall failed, as management struggled to keep up with the changing retail landscape.

By 2020, the mall was barely hanging on. The final blow came with the economic downturn caused by the COVID-19 pandemic. Many businesses within the mall couldn't survive the prolonged lockdowns and decreased consumer spending. In 2022, Citi Mall Philcoa permanently closed its doors, leaving behind an empty, forgotten structure.

Michael walked through the deserted corridors, imagining what it once was and what it could become.

"This place has a lot of history," he said, turning to Bridget and Juliet. "It's sad to see it like this, but it also means we have a lot of potential to bring it back to life."

Bridget nodded. "The location is great. It's easily accessible and still has a lot of people passing through. It's just that the management of the Citi Mall didn't adapt to the changing times. They didn't invest in modernization or marketing, and eventually, it couldn't compete with the newer, shinier malls."

Juliet added, "We need to learn from their mistakes. We should focus on creating a unique and engaging experience that can't be found anywhere else."

Michael agreed and spoke enthusiastically. "Exactly. We need to make this mall more than just a place to shop. It should be a destination. A place where people can spend an entire day enjoying different activities. So, Juliet…where is our contact in this store?

I have to talk to them."

"Mrs. Estolas is coming with them, and they'll be here in about two minutes," Juliet replied.

Just then, an older woman accompanied by two younger associates walked up. Behind them was Antoinette, and the property manager greeted them warmly.

"Michael, I'd like you to meet the property manager, Mrs. Cruz," Antoinette said, introducing the older woman. "She has been managing this property for years and has a wealth of knowledge about its history and potential."

"It's a pleasure to meet you, Mrs. Cruz," Michael said, shaking her hand firmly.

"The pleasure is mine, Mr. Reyes," Mrs. Cruz replied with a smile. "I've seen this place through its highs and lows, and I'm excited to hear about your plans for its future."

Michael nodded. "We're looking to buy this place, tear it apart, and build a new mall from the ground up. Can you give me an idea of the cost and any potential issues we might face?"

Mrs. Cruz took a moment to gather her thoughts. "Given the size of the property and the level of renovations needed, you're looking at a substantial investment. The initial purchase price is around 500 million pesos."

"500 million Philippine pesos, so that's around 10 million dollars, that's quite cheap," Michael loftily said. "And once we bring in the tear down and the rebuild, it will bring us a total of 1.5 billion pesos. That's not bad for me. Where can we sign the contracts? For the purchase of the property."

"Oh…you are already buying it now, Mr. Reyes? I thought you were just looking…"

"No, we have decided to purchase it. Hasn't Mrs. Estolas informed you?" Michael asked, glancing at Antoinette.

Antoinette nodded. "I did mention our strong interest, but I guess the decision to finalize today wasn't clear."

Mrs. Cruz looked pleasantly surprised. "Well, that's wonderful news. We can certainly expedite the process. I'll have the contracts ready for you to sign by this afternoon."

"Perfect," Michael turned to his team with a grin. "Looks like we're making good progress. Let's grab a quick snack while we wait for the contracts."

Bridget and Juliet nodded in agreement. "There's a café nearby. We can go there," Bridget suggested.

***

They took a coffee break at a nearby café, discussing their plans further while enjoying some refreshments. An hour later, they returned to Mrs. Cruz's office to finalize the purchase.

As they entered the office, Mrs. Cruz greeted them with a stack of documents on her desk. "Mr. Reyes, I have prepared the contracts for you. Let me walk you through the key points."

Michael nodded, taking a seat. "Please, go ahead."

Mrs. Cruz began, "First, the purchase price of 500 million pesos will cover the acquisition of the property and all existing structures. You'll also have to budget for the demolition and any necessary permits. We estimate that the total cost for tearing down the current structure and preparing the site for new construction will be around 600 million pesos."

Michael nodded, taking notes. "Understood. What about any outstanding issues with the property?"

Mrs. Cruz continued, "There are a few potential issues. First, there may be some environmental remediation needed, given the age of the building and the materials used. We'll need to conduct a thorough inspection to ensure there are no hazardous substances like asbestos. Second, there might be some zoning and permitting hurdles, but with your influence and resources, those should be manageable."

Bridget leaned forward. "What about the existing infrastructure? Are there any utilities or services that need significant upgrades?"

"Yes," Mrs. Cruz replied. "The plumbing and electrical systems are outdated and will need a complete overhaul to meet modern standards. Additionally, the HVAC system is in poor condition and will also require replacement."

Juliet made a note. "And the timeline? How long will it take to get everything approved and start construction?"

Mrs. Cruz smiled. "If everything goes smoothly, we should be able to start demolition within three months. The entire process, including obtaining permits and conducting inspections, will take some time, but we can expedite it with the right team in place."

Michael glanced at his team, who nodded in agreement. "Alright, let's proceed with the purchase. I'm confident we can handle these challenges."

Mrs. Cruz handed Michael a pen and pointed to the signature lines. "Sign here, Mr. Reyes and the property will officially be yours."

Michael signed the contracts, feeling a sense of accomplishment. "Thank you, Mrs. Cruz."