CEBU CITY – City Mayor Tomas Osmeña has announced that SM Prime Holdings is interested in buying a lot at the controversial South Road Properties in this city.

“This is going to be the best deal for the city, after three years of negotiations,” he said.

The mayor explained that SM is interested to purchase 30 hectares of land at SRP, which is expected to worth P2.69 billion.

The investor is expected to build a mixed-used complex anchored on a world-class shopping mall, which is going to be the biggest in the Visayas and Mindanao, as it will occupy a minimum area of 25,000 square meters

Also, SM is said to build an international convention center in the said area, along with a hotel, school, hospital and high-rise residential condominiums.

“Soon the city will have an international convention center with no expense from the city hall,” Osmeña pointed out.

Meanwhile, the said announcement has earned warm praises from the urban poor sector, as the mayor has assured that the said development will push through despite its conflict with the provincial government inline with the Filinvest Land, Inc. deal.
It can be recalled that the province has questioned the legality of the city’s deal with the Filinvest saying that the latter has benefited more than the city.

Osmeña also stressed that he was given assurance that SM is not worried about the province and has full confidence with the mayor of this city just like Filinvest.

It was learned that SM will immediately pay the city about 25 percent of the bid price within 15 days from the notice of award.

The balance will be paid on a quarterly basis, which will not exceed six years from the date of execution of the Deed of Sale.

Osmeña is also positive that the transaction will be finalized as soon as possible and the city will receive the 25 percent down payment before this year ends which will worth P600 million.