The tandem of property giants SM and Ayala Land won the right to develop a 26-hectare reclaimed property in Cebu.
SM and Ayala Land’s affiliate Cebu Holdings posted a P10 billion winning bid for a portion of South Road Properties (SRP) in Cebu, located on the east coast of the city.
The property is envisioned to showcase an integrated, mixed-use, master planned and sustainable community, taking advantage of the property's unique features and capitalize on key strengths in the areas of retail, entertainment, hotel, office and residential uses.
"We are pleased to be awarded, together with SM, the 26-hectare South Reclamation Parcel in Cebu. We believe that this area will be a major growth area in Cebu. We are also looking forward to working with SM and developing this parcel together," Bobby Dy, Ayala Land president and chief executive said.
“We are always open to partnerships with other business groups as we have demonstrated in the past,” Jaime Ysmael, Ayala Land chief finance officer added.
This is the second project the two property firms are working on together, since the Ortigas deal was forged late last year. They are now sharing the boardroom in OCLP Holdings, the parent firm of Ortigas and Co. Ltd. Partnership.
OCLP Holdings said it is mapping out a five-year expansion program with the SM and Ayala groups now onboard. (abs-cbn news)
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