Business and Economy
SM partners with Ayala in Cebu project
Wikipedia Photo
MANILA — Ayala Land Inc., and SM Prime Holdings Inc., teamed up for a 26-hectare project in a reclaimed area off Cebu.
Despite earlier reports of an ongoing friction between the two companies, their 10 billion bid was the highest for the South Road project pegged by the city government at around P20,000 per square meter.
According to SM Prime, the Cebu project will be developed under a joint master plan.
Both the companies were reportedly contending for the development of the 7.
7 Bacolod City property won by Ayala Land.
SM Prime contested the decision and brought the case all the way to court.
They were also involved in a tug-of-war for the site of the MRT-LRT common station.
The current administration planned to to have the station built in front of Ayala Land’s Trinoma Mall instead of the earlier plans of having it in front of SM North EDSA mall, as noted on previous agreements.
