Property giants SM Prime Holdings Inc. and Ayala Land Inc. (ALI) on Tuesday said they won the bidding for the right to develop a portion of the South Road Properties (SRP) in Cebu City.
“The SM-ALI Group will codevelop the property pursuant to a joint master plan,” the companies said in their joint statement. The SM-ALI consortium benefits from the combined financial muscle, technical expertise and the real-estate experience of SM and ALI Group, the companies said.
The two property developers are still disputing big-ticket projects in Metro Manila, including a multibillion-peso reclamation project in Parañaque and the Metro Rail Transit common station in Quezon City.
SM Prime and Ayala Land unit Cebu Holdings Inc (CHI) formed a consortium that won the bidding for the 26-hectare Lot No. 8-B-1 at SRP.
“With the resources and expertise of these real-estate companies, this newest development at the SRP is planned as
another showcase of integrated, master-planned and sustainable developments that will bring in more investments and jobs for the local economy,” the company said.
CHI brings in its local expertise in the consortium, having developed two of Cebu’s prime business and lifestyle district—the Cebu Business Park and the Cebu IT Park.
Its master-planned estates are the preferred locations for traditional office, business-process outsourcing office and shopping-center leasing. The various residential condominiums it has launched bring in over 4,500 units upon completion, making it the biggest real-estate group offering the most number of units across a wide range of market segments in Cebu.
The SRP, a 330-hectare of reclaimed lot, is local government’s answer to Cebu City’s rapid expansion, as it runs out of land for development.