By: Irene R. Sino Cruz, CDN Digital
The consortium of SM Prime Holdings Inc. (SMPHI) and Ayala Land Inc. (ALI) will be contributing P22 billion to the city coffers coming from fees and taxes of the P310-billion development within its 26-hectare property at the South Road Properties (SRP).
The representatives of the SM-Ayala consortium presented to the Cebu City Council their plans for the property.
Jeannette Japzon, corporate communications manager of Ayala subsidiary Cebu Holdings Inc., said the consortium envisioned the property to become a well- designed urban setting complemented by generous open space.
Japzon said the consortium estimated that the city would earn a total of P22 billion in fees and taxes over the 15 years of project development.
Japzon said the project would also create employment for 2.4 million direct and indirect workers.
Of this number, 480,000 jobs will come from business process outsourcing companies while 1.93 million will be coming from indirect jobs, which include retail stores and other businesses that will arise from the project.
Russel Sy, vice president for SM Prime commercial properties group, explained that they will first implement the horizontal development such as roads and open spaces.
The road networks will include primary streets with a width of 30 meters and 24 meters.
According to Sy, their initial plans also include the construction of a 60,000-seater convention center or arena, which is eyed for completion by 2023.
The development will also feature a one-hectare-area linear park, which is 36 meters wide and 320 meters long.
According to Japzon, the project will comprise of 70 percent commercial development and 30 percent residential component.
The Cebu City Council had recently approved the land development permit of the SM-Ayala consortium for the 26-hectare property.
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