SM offers to build a unified development mall, hotels, convention center CEBU wow!

Cebu Mayor back at CH to receive offer of SM for lot at SRP

CEBU, Philippines - Cebu City Mayor Tomas Osmeña returns to work today to receive an offer from SM Prime Holdings for a portion of the South Road Properties (SRP).  My comment:  Its about time we get a unified approach in the development of the SRP rather than a piece meal setup!  Great work and Cebu benefits

The mayor said that SM has long been interested in buying 30 hectares at the SRP, which worth about P2.7 billion.

Osmeña admitted that the negotiation has taken almost three years before they reached an agreement.

The mayor said that SM will build the biggest convention center in the Philippines in the SRP that could overshadow the Cebu International Convention Center (CICC).

“Kanang CICC mahimo gyud na nga urban poor sa tukuron nga convention center sa SM kay dako man gyud,” Osmeña said.

Aside from that, the mayor revealed that SM will also construct a shopping mall with a 250 hectare-floor area, probably the biggest in Visayas and Mindanao.

Moreover, SM will build two high rise hotels in the SRP with a 200-room capacity.

The mayor said that the purchase will go through the normal and usual process, like the Swiss challenge, the approval of the City Council and so on.

Osmeña is very optimistic that the transaction will be finalized soon and the city will receive the 25 percent down payment this December worth P600 million.

The amount, Osmeña said, will be put in another supplemental budget for the implementation and completion of city initiated projects.

The mayor disclosed that he was assured by SM that the groundbreaking of the proposed shopping mall will be held immediately as soon as the deal will be sealed.

Osmeña bared the other plans of SM Prime Holdings in the SRP for the coming years like building a hospital and even putting up a university.

Meanwhile, the mayor wants SM to prioritize the shopping mall, convention center and the high rise hotels once the deal is done.  Read the complete original article here http://www.philstar.com/Article.aspx?articleId=517696&publicationSubCategoryId=107