SM makes third payment to city - Cebu Circle | Cebu City, Philippines

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Friday, July 16, 2010

SM makes third payment to city

07/16/2010 - SM Prime Holdings released the third payment of P109 million to the Cebu City government for 34 hectares in the South Road Properties (SRP) yesterday.

SM mall manager Sherry Tuvilla turned over the P109,023,568 check to Mayor Michael Rama at his office.

Asst. City Treasurer for Operations Tessie Camarillo said 22 more quarterly payments of roughly the same amount will be made by SM for nearly six years.

Another P109 million will be paid to the city in November.

The Cebu City government and SM closed the sale of 34.4 hectares worth P2.7 billion early this year.

Cebu City Treasurer Ofelia Oliva said the payment is already appropriated for the city's project and is already included in the annual budget.

SM already paid P677.4 million, including the P270.9-million bid bond paid as part of the down payment. It plans to set up a mixed use development project in the SRP.

This consists of a shopping mall occupying 25 hectares of floor space, a convention center, hotels and a hospital.

SM Prime Holdings Inc. is the second investor to buy lots in the SRP after Filinvest Land Inc. (FLI).

The city sold a 10.6-hectare lot to Filinvest last year and entered into a joint venture agreement with the company to develop another 40 hectares of SRP land.(Inquirer)

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