(CebuCityPIO) - The consortium of the Ayala Land/Cebu Holdings and the SM Prime Holdings had recently won the bid for the 26 hectare lot 8 located at the South Road Properties (SRP).
The Bid of Awards Committee (BAC) awarded to the consortium today after two giant firms had jointly put their bid in the amount of P10,009,000,000.00 (10.09 billion) pesos for the property which has a total area of 263,384 square meter or at the price of P 38,015.98 per square meter.
The consortium immediately issued a managers check worth (P1.186 billion) as security bond to the city government which represent the 10% of the total bid price.
City Treasurer Diwa Cuevas, accepted the check in behalf of the city government together with City Administrator Lucelle Mercado and SRP Manager Bo Varquez.
“There is no substitute to a public bidding; open, fair and competitive and the city will dictate the price of the property… while in unsolicited proposal, it’s the buyer who will dictate the price.” Labella stressed.
Mr. Ronald Tumao, Vice President for Market Research and Planning of SM Prime Holdings said that they will follow the terms of reference (TOR) of the bidding.
“We will be following the TOR, there are mandatory’s to be followed like the building of an Arena… it will be a big boast to the development of the entire Cebu and not only the SRP.” Tumao assured.
He shared that they intend to have a mix-used development of the said property like some residential and commercial component. He also assures that the building of an arena component enshrined in the TOR will also be undertaken.
Mr. Tumao stressed that they will start the development in the area after six months based on the TOR.
The said property is located where the template of San Pedro Calungsod stands, just beside SM Seaside City.
The bidding for Lot 7 and Lot 17 with a consolidated area of 19.2 has. (192,385 sq.m.) costing P3.847 billion at the selling price of P20,000 per sq. meter will continue this afternoon (elite)