26-hectare ALI-SM project at SRP to start construction in Q1 2020

THE joint-venture project of the Ayala Land Inc. (ALI) and SM Prime Holdings at the South Road Properties (SRP) could take shape in the next two to three years, transforming it into the city’s next business hub in the south.

Aniceto Bisnar Jr., president of ALI-unit Cebu Holdings Inc., said the groundbreaking for the 26-hectare development located across the SM Seaside complex, is eyed within the first quarter of next year.

“We want to expedite this development. Hopefully, bidding plans will be completed soon,” Bisnar told reporters in a press conference Friday, Dec. 6, 2019, at the opening of Ayala Malls Central Bloc in Cebu City.

Bisnar said the masterplan of the two property giants details an arena, convention facilities, hotels, office towers and other developments to rise at the SRP project.

He said the consortium is hoping to see progress of the P300-billion project in three years’ time.

The SRP property that SM and Ayala seek to develop is part of the 45.2-hectare lot of the reclamation area that they bought in 2014.

Earlier, the Cebu City Government granted a go-signal to the consortium to proceed with their joint project.

In the whole development, 70 percent will be for commercial development and 30 percent for residential. The project will generate around two million direct and indirect jobs once completed, with 480,000 jobs to come from business process management companies that will rise in the area.

In recent years, big conglomerates have been investing heavily in the SRP, which is seen to be the next rising business district in southern Cebu.

Aside from Ayala and SM, the Gokongwei and Gotianun groups are also building projects in the reclaimed land.

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