After several high-profile squabbles over property deals  in the last couple of years, realtors Ayala Land, Inc., and SM Prime Holdings, Inc., teamed up to get a 26-hectare project along the reclaimed area off Cebu.

The two companies announced Tuesday their consortium’s P10 billion bid was the highest for the South Road project (SRP).  It was earlier reported that the Cebu City government is expecting bidders to price the property at around P20,000 per square meter.

The two company’s partnership is a respite from the friction between them, the first being the right to develop a 7.7 Bacolod City property won by Ayala Land and was contested by SM Prime all the way to the court.

In Manila, the two parties are also in a tug-of-war for the site of the MRT-LRT common station that SM Prime said should be placed in front of its SM North EDSA mall as agreed with the previous administration contrary to the current administration’s plan to have it in front of Ayala Land’s TriNoMa mall.

The Cebu property will be developed under a joint master plan, said SM Prime. 

The project will be a mixed-use development in a major growth area in Cebu,” said Bernard Vincent O. Dy, Ayala Land president.

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’s affiliate Cebu Holdings, Inc., meanwhile brings in its local expertise in the consortium, having developed two of Cebu’s 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, BPO office and shopping center leasing. The various residential condominiums it has launched bring in over 4,500 units upon completion, making it the biggest real estate group offering the most number of units across a wide range of market segments in Cebu,” the two said.

Ayala Land’s proven track record includes the development of Makati as the country’s premier Central Business District and Ayala Alabang as a prestigious suburban residential community. It is replicating these successes in areas such as Bonifacio Global City Cebu, and Canlubang.