MANILA, Philippines – SM Prime Holdings Inc., the integrated property firm of the Sy family, is eager to expand its land bank in Cebu as it seeks to acquire more property in the city’s reclaimed South Road Properties.

In an interview on the sidelines of SM Investment Corp.’s annual stockholders meeting yesterday, SM Prime president Hans T. Sy said the property giant is keen on bidding on all South Road Properties’ parcel which the Cebu government plans to auction.

“There is a property that government might bid out, we would

be very interested,” said Sy, referring to a 26-hectare lot owned by the Cebu City government which is being lined up next for bidding.

“I have seen the potential in that property more than five years ago. Nobody wanted but I saw the potential. So whatever we can get we are interested,” he added.

Cebu City Mayor Michael L. Rama earlier said more lots in the 240-hectare South Road Properties are being prepared for auction this year, including a 26-hectare and a 19-hectare lot.

Rama said another 60 hectares are also being eyed for reclamation, bringing SRP’s total area to 300 hectares.

SM Prime currently has a 30-hectare property in South Road Properties which it is developing into a mixed-use development to be anchored by a Mall-of-Asia-type shopping center expected to open by the end of the year.

The SRP is located on the east coast of Cebu City and will soon be home to various mixed-use developments.