SM-ALI Consortium Wins Bid for SRP Lot for P10-B

(PNA) — A consortium formed by the country’s major property developers won the bid for the development of 26-hectare portion of the South Road Properties in Cebu City for Php 10 billion.

Consortium SM-ALI Group, composed of SM Prime Holdings, Inc. (SM) and Ayala Land, Inc. (ALI) and its affiliate, Cebu Holdings, Inc. (CHI), plans to develop Lot No. 8-B-1 at South Road Properties as another showcase of integrated and master planned developments that will bring in more investments and jobs for the local economy.

“The SM-ALI Group (consortium) will co-develop the property pursuant to a joint master plan,” they said in separate disclosures to the Philippine Stock Exchange.

South Road Properties lies on the east coast of Cebu City and part of a 300-hectare reclamation project of the Cebu City government.

So far, developer-giants SM Prime and Filinvest Land Inc. had secured properties in the reclaimed area.

SM Prime is one of the largest integrated property developers in Southeast Asia that offers innovative and sustainable lifestyle cities with the development of malls, residences, offices, hotels and convention centers.

Ayala Land is a leading diversified property developer in the Philippines, with a track record of creating large-scale, integrated, mixed-use communities around the country like the Makati Central Business District, Bonifacio Global City and Nuvali in Laguna.

ALI-affiliate CHI brings in its local expertise in this consortium, having developed two of Cebu’s most prime business and lifestyle districts – the Cebu Business Park and the Cebu I.T. Park.

Its master planned estates are the preferred locations for traditional office, business process outsourcing office and shopping center leasing. (PNA) RMA/LDV