SM Prime Holdings Inc. has officially made an offer to acquire 28 hectares of the 240-hectare South Road Properties at the reclaimed property in Cebu City. which it plans to develop at a cost of P20 billion over 15 years.

In a disclosure to the Philippine Stock Exchange Wednesday, SMPHI executive vice president Jeffrey Lim said they have submitted an unsolicited offer to develop the property to be its next major project after SM Mall of Asia.

Lim said they offered P11,000 per square meter or almost P3 billion for the property for which they initially estimate the project development cost to be around P20 billion over a 15-year period “subject to prevailing market conditions.”

“We will also explore possible partnerships with interested parties for other developments outside of the mall,” Lim said.

Aside from Cebu, SM Prime is also increasing its presence in Mindanao and has acquired property in General Santos City while planning to beef up its landbank with more assets in Mindanao.