The Bacolod Sangguniang Panlungsod granted Mayor Alfredo Abelardo Benitez authority to sign a 40-year lease agreement with SM Prime Holdings Inc. during its regular session on Wednesday, October 18, Councilor Al Victor Espino said.
The agreement to be signed by Benitez and SM Prime Holdings Inc. president Jeffrey C. Lim is for the lease of 16,875 square meters of city government property where the Manokan Country, Vendors Plaza and Bacolod Arts, Youth and Sports (BAYS) Center, and nearby properties at Fr. Ferrero Street, Bacolod City, are located.
SM Prime Holdings Inc. aims to begin its about P4 billion development of the Manokan Country and adjacent properties by mid-2024, Gusi Balatbat, its vice president for property development, said earlier.
Balatbat said SM will pay P132 million in advance rent covering seven years as soon as it signs a lease agreement.
The relocation of the Manokan vendors to their temporary site at the SM parking area is targeted at the end of March 2024.
The target date for the completion and operation of the new Manokan Country is October 2025, Balatbat said.
The Manokan redevelopment will involve the construction of a multi-level building, which will include space for retail shops, parking levels and future commercial and office spaces, Balatbat said.
Space for other dining areas and a supermarket will also be provided, he said, adding that the design is still fluid.
They are also looking at potential BPO towers that could generate 10,000 employees, he said.*