The SM-ALI Group, a consortium formed by two rival property giants in the Philippines, secured the winning bid of $221.6 million (P10 billion) for a portion of the South Road Properties (SRP) in Cebu City.
Formed by SM Prime Holdings Inc with Ayala Land Inc (ALI) and its affiliate Cebu Holdings Inc (CHI), the consortium won the bid to co-develop the 26-hectare Lot No. 8-B-1 at SRP pursuant to a joint master plan.
“With the resources and expertise of these real estate companies, this newest development at the SRP is planned as another showcase of integrated, master planned and sustainable developments that will bring in more investments and jobs for the local economy,” ALI said in its statement, noting the consortium benefits from the combined financial muscle, technical expertise and the real estate experience of SM and the ALI Group.
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ALI-affiliate CHI brings in its local expertise in the consortium, having developed two of Cebu’s most prime business and lifestyle districts – the Cebu Business Park and the Cebu IT Park. Its master planned estates are the preferred locations for traditional office, BPO office and shopping center leasing.
SM Prime, incorporated in 1994, is one of the largest integrated property developers in
Southeast Asia that offers innovative and sustainable lifestyle cities with the development of malls, residences, offices, hotels, and convention centers.
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Ayala Land, meanwhile, is a leading diversified property developer in the Philippines that created large-scale, integrated, mixed-use communities around the country, such as the Makati Central Business District, Bonifacio Global City and Nuvali in Laguna. It continues to increase its footprint by building estates in different regions nationwide.
SM Prime’s last trading price increased 0.71 per cent or P0.140 to close at P19.98.
CHI likewise increased its final trading price at 1.98 per cent or P0.100 to reach P5.16.
However, ALI’s last trading price dropped 0.93 per cent or 0.350 to close at P37.30.