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Old January 14th, 2010, 04:12 PM   #1
diehardbisdak
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SM Seaside City Cebú [5F|com|u/c]

...it's about time to make a thread...hehehhe!


...ang ebedensya sa SM at SRP

(pic & text from Freeman)

SM Prime Holdings president Hans Sy turns over to Cebu City Mayor Tomas Osmeña the initial payment of P406 million for a portion of SRP to the city government as other city and SM officials look on following the signing of the agreement yesterday. CYRIL CAMPOREDONDO


pic from Sun Star Online (originally posted by @kindofperfect82888 & gtjr)


******************

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Originally Posted by luck View Post
AFTER SIGNING DEAL TO BUY SRP LOT, SM set to pour P21B into Cebu
THE FREEMAN
15-January 2009
By EHDA M. DAGO-OC


After closing the P2.7 billion deal with the Cebu City government for the purchase of 30 hectares at South Road Properties (SRP), SM Prime Holdings is ready to pour in at least P21 billion in investments here for the next eight years.

SM Prime Holdings president Hans Sy said yesterday that the company will be investing at least P20 billion for the development of the SRP property, plus another P1 billion for the establishment of another mall in the northern part of Cebu.

Sy was in Cebu yesterday to sign the Memorandum of Agreement (MOA) with the City of Cebu led by Mayor Tomas R. Osmeña for the closure of the lot buy negotiation.

Sy, personally turned over a total of P406,456,800.00 to the Cebu City government yesterday and the company now has a total installment payment of about P670 million.

According to Sy, SM will be building one of the 10 largest malls in the world at SRP with 250 thousand square meters allocated for shopping mall development only.

The entire 30 hectares will be a total integrated facility that will host two hotels, a huge convention center of about 20 thousand square meters, high-rise residential and commercial condominiums, a university and a hospital.

This is the start of the whole new ballgame. We are going roll our sleeves. This is the project we’ve envisioned for Cebu,” Sy said.

The formal ground breaking for the horizontal development of the SM project at SRP is set in the next few months, “probably before the rainy season,” Sy said.

The company will first build the shopping mall in the next two and a half years, and it will be followed by other developments like the construction of convention center (similar to its Manila facility SMX at Mall of Asia), the two hotels and eventually the high-rise condominiums.

Simultaneously, while SM Prime is working on to build the project at SRP, Sy said it will also start the construction of the shopping mall to be located in the northern part of Cebu.

Sy however, refused to elaborate on the northern Cebu shopping mall project, as negotiations with its partner is still on going.

He said SM will be spending about a billion pesos for the construction of SM Shopping mall in northern Cebu.

The P21 billion that SM will be investing in Cebu, excluded the company’s outlay on the soon to open Radisson Hotel, which incurred an investment of P2.8 billion.

According to Sy, Cebu’s well-managed economy is one of the reasons why the company has put its money here.

“We are confident of how the whole Cebu is being managed. We are going to duplicate in Cebu what we’ve done in Manila,” he said.

It took SM Prime Holdings three years to negotiate with the Cebu City government for the purchase of the lot at SRP. During the special session yesterday, the city legislators agreed to authorize Mayor Osmeña to sign a deed of conditional sale for 304,100 square meters with SM Prime Holdings president Hans T. Sy.

The city legislators passed the proposed resolution of Councilor Jose Daluz III to allow the mayor to sign the deed of sale with Sy after Councilor Edgardo Labella, who chairs the committee on laws of the Cebu City Council, said there is no legal impediment if the city will enter into a conditional sale for the 30.4 hectares at P2,709,712,000.

The unsolicited proposal of SM Prime Holdings Incorporated to purchase the city lots was published in two newspapers of national and local circulation, Labella said, and no other interested party expressed interest to purchase and to challenge the proposal.

The signing of the deed of conditional sale was done inside the SM City Cebu witnessed by almost all of the city councilors and many barangay captains.

City administrator Francisco “Bimbo” Fernandez explained to Vice Mayor Michael Rama that the principal amount of P2,709,712,000 is payable for six years at an interest of five per cent per annum on a diminishing balance.

After paying the P406 million yesterday, SM Prime Holdings is also required to pay another P433.9 million in four installments within this year, while another P417 million will be paid in 2011.

Fernandez said SM Prime Holdings will also pay P400.1 million in 2012, then P383.1 million in 2013. Another P366.2 million will be paid on 2014, and the last payment of P349.2 million will be settled on 2015.

“Wala na tay problema sa pangbayad sa utang sa city gikan sa Japan Bank for International Cooperation kay gawas sa ibayad sa SM, duna pay millions of pesos nga bayad nga atong makolekta gikan sa Filinvest Land Incorporated,” the city administrator said.

FLI also purchased 10 hectares of the SRP and entered a joint venture project with the city for another 40 hectares.--/NLQ[/QUOTE]


pic by @rustyboi



old perpective plan - pic by @slimer



...for Presentation Purposes only

pic edited by @slimer
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Last edited by diehardbisdak; December 17th, 2010 at 05:57 PM.
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Old January 14th, 2010, 04:43 PM   #2
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How manySqM ang CICC?
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Old January 14th, 2010, 05:02 PM   #3
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exciting 2010 ahead of us!
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Old January 14th, 2010, 05:31 PM   #4
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so, ang SMX will be built na diay sa SRP...i wonder kung na-ay iMax...and...hmmm..ice skating rink?
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Old January 14th, 2010, 08:01 PM   #5
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related news.....



SM seals SRP stake
Friday, January 15, 2010
Sun Star Online


CEBU City Hall earned its first billion from the South Road Properties (SRP) yesterday after it closed the sale of a 30-hectare lot to SM Prime Holdings Inc. worth P2.7 billion, three years after the negotiations started.

By 2012, the SRP will be home to the biggest shopping mall in the Visayas and Mindanao with a gross floor area of 25 hectares (??), SM Prime Holdings President Hans T. Sy said yesterday.

SM Prime will invest at least P20 billion for a mixed-use development project facing the sea, which will include a convention center, hotels, residential condominiums, a school and a hospital.

After they signed the deed of conditional sale yesterday afternoon, Sy turned over to Mayor Tomas Osmeña a P406-million check to complete its down payment of P677.4 million. This represents 25 percent of the contract price of P2,709,712,000.

The P270.9-million bid bond paid earlier will form part of the down payment.

This is Cebu City Hall’s second sale at the SRP, after its deal with Filinvest Land Inc. (FLI).

SM Prime will make four quarterly payments this year that will amount to P433 million so that by the end of 2010, SM Prime will have paid the City a total of P1.11 billion.

Enough

This is the start for us. We will roll up our sleeves and we will definitely deliver a project that all Cebuanos will be proud of. This is really a project that we envisioned that will attract not only Cebuanos but also those from Visayas and Mindanao and even from Luzon,” Sy said.

With the P677-million down payment, the City has so far earned P1.04 billion from the SRP, which includes Filinvest’s P348-million down payment last year and Bigfoot Properties’ lease payment of P15.2 million for the past two years.

Osmeña said the City’s income from SM Prime and the City’s sale and joint venture contracts with FLI will be enough to cover the loan payments for the SRP until 2025, so the City does not need to sell any more properties after the SM deal.

“It is anticipated that the City will not have to sell additional property to meet our debt service because with the installments coming in from SM and Filinvest and the other revenues we will be generating from the joint venture, I think it will be more or less enough to meet the debt service for the entire SRP,” he said in a speech after the turnover of the check.

For this year alone, the City stands to earn P1.11 billion from SM Prime, P298 million from FLI and P7.7 million from Bigfoot, which will be more than enough to cover its loan obligation of P693.3 million to Land Bank of the Philippines for 2010.

Since 1996, the City has so far paid P3.32 billion for its SRP loan.

As specified in the contract, SM Prime will pay the balance of P2,032,284,000 over a period of six years in quarterly installments, with a five percent annual interest.

Plans

Vice Mayor Michael Rama, city councilors and department heads witnessed the signing of the deed of conditional sale at SM City Cebu conference hall yesterday afternoon.

During the event, Sy presented yesterday their plans for the property and said they will break ground later this year, with construction work continuing in the next eight years.

The first structure to rise will be the shopping mall with a gross floor area of 250,000 square meters, which he said would be similar to the Mall of Asia in Pasay City.

The construction of a hotel with a minimum floor area of 60,000 square meters and the convention center with a minimum floor area of 20,000 square meters will follow.

After five years, Sy said they may consider starting the residential condominiums, the school and hospital.

SM Prime vice president Ronald Tumao said that what attracted them to the SRP is its location, being the only property in the city with “a real sea view.”

The signing of the contract came after the City Council called for a special session yesterday morning so they can approve the resolution authorizing the mayor to sign the documents.

After making minor amendments in the contract, the council approved the resolution, saying the sale of the property went through “a transparent competitive selection process through a Swiss challenge.”

Since the components of SM Prime’s development were not included in the contract, the council agreed to make the documents of SM’s unsolicited proposal an integral part of the sale contract.

Of the 240-hectare area of reclaimed land in the SRP, only around 150 hectares are left, which includes the roads and other service areas.

The City sold a 10.6-hectare lot to FLI last year and entered into a joint venture agreement to develop another 40 hectares.

A three-hectare area is being leased to Bigfoot for 20 years.

Properties were also donated to the University of the Philippines (5.17 hectares), the Department of Public Works and Highways (4.8 hectares) and the Department of Health (2 hectares).
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Old January 14th, 2010, 08:07 PM   #6
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related news...


SRP, northern Cebu projects to cost SM Prime some P21B
Sun Star Online
January 14, 2010



SM PRIME Holdings Inc. (SMPHI) is expected to pour in new investments amounting to a total of P21 billion in Cebu over the next eight years.

SMPHI president Hans Sy revealed this during an interview yesterday, following the formal signing of contracts for the firm’s purchase of a 30-hectare property at the South Road Properties (SRP).

The P20 billion of the new investments to come in will be used to fund its mixed-use development at SRP, which is seen to be completed in eight years.

The remaining P1 billion will be used to fund the mall project that SM is putting up in northern Cebu, which is expected to break ground in the next six months.

The SRP project and the one in the north will be built simultaneously.

Sy said the development should break ground before the start of this year’s rainy season.

“We are taking advantage of putting a mark here in Cebu…we (are looking at) duplicating in Cebu what we have done in Manila,” Sy said.

Although there are still final changes to be made to its development plan, Sy said the first project that will come in at its SRP property is the mall, which is going to have a gross floor area of 250,000 square meters.

The development will be patterned after the SM Mall of Asia in Pasig City, where after the mall started its operations, other developments followed.

At its SRP project, Sy said the company plans to put up a convention center and two hotels.

Two to five years following the completion of the mall, Sy said the company will put up a high-rise residential project, a school and a hospital.

In the next two months, SMPHI is expected to launch the name of its development at SRP. Sy said the name will have “something to do” with the ocean view at SRP.

Meanwhile, Sy said the Radisson Blu Hotel, which sits right next to the SM City Cebu in the North Reclamation Area, will “definitely open in June.”

“It was larger than we thought. It has 400 bedrooms and it is one project that will make Cebuanos proud,” Sy said.

He added that the Radisson Blu turned out “better than the five-star hotels in Manila.”

The hotel is already 95 percent complete and the turnover of operations is scheduled in March, when the training of the hotel staff will begin and run for about two to three months.

For the whole Radisson Blu project, SMPHI has already spent at least P2.8 billion
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Old January 14th, 2010, 08:08 PM   #7
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guess nako is:

SM OCEAN DEEP Mall or SM WAVE MALL ....


...i can imagine a lot of "wavy" or "curve" design facade
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Old January 14th, 2010, 08:13 PM   #8
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Wow, swerte kaayo ang next mayor sa Cebu. Mangolekta na lang sa kita sa SRP. This is really Tomas' legacy. Hope the money translates to better public service and infra!

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guess nako is:

SM OCEAN DEEP Mall or SM WAVE MALL ....


...i can imagine a lot of "wavy" or "curve" design facade
Kakorny ani imong names Master diehard oi. Hahahahaa.

Basin nakadungog gyud si Henry Sy sa atoang MOP na name hahaha.


Excited na ko sa masterplan of development ani sa SM ug sa Filinvest!
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Old January 14th, 2010, 08:14 PM   #9
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^ yes bai...dapat apson nila ang infra need sa City...where should had been addressed first...
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Old January 14th, 2010, 08:45 PM   #10
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Tomas O's administration should get all the credits...They hurdled every possible obstacles just to materialize this project.

Now, it's time for Cebu City Hall to focus back on beautifying Cebu.

Viva Senor Sto. Nino...Viva Cebu...Pit Senyor!!!
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Old January 15th, 2010, 01:35 AM   #11
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pic from sunstar.com.ph/cebu

box as usual pero okay na kaayo!!
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Old January 15th, 2010, 02:06 AM   #12
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padak an nato ang render

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Old January 15th, 2010, 02:51 AM   #13
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hope to see the final renders soon. basin for presentation lang ni on what they're going to do with their property.
but it looks one big development that's really exciting!
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Old January 15th, 2010, 04:04 AM   #14
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Much nice ang Master Plan Scale Model ana
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Old January 15th, 2010, 04:48 AM   #15
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A mall with 250K Sq meters... MOA has 400K.... It will soon become the Top 3 SM Mall in the country....
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Old January 15th, 2010, 06:06 AM   #16
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Quote:
Originally Posted by diehardbisdak View Post
guess nako is:

SM OCEAN DEEP Mall or SM WAVE MALL ....


...i can imagine a lot of "wavy" or "curve" design facade


murag themepark kay wave mall!

ako kay SM Ocean Marina Mall
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Old January 15th, 2010, 06:41 AM   #17
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DEAR CEBU
blog.
A Letter for the Queen City of the South
A response to the call of duty is not just that time you are called but beyond the time of service - "Redjie Megallos".. www.pnhs-scout.co.cc
To serve God is to serve others and is the greatest form of charity. www.elpardoparish.org

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Old January 15th, 2010, 06:43 AM   #18
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uy! thanks sa effort bai @redjie!

nice!
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Old January 15th, 2010, 09:21 AM   #19
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SM Pacific Waterfront Mall.. hehe
ganda project to ah...congrats
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Old January 15th, 2010, 10:08 AM   #20
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IMO, it won't use 'waterfront' because there is already a waterfront hotel in cebu.
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