IMPLEMENTATION of the master plan for the 26-hectare joint venture in South Road Properties (SRP) between SM and Ayala Land Inc. will begin after the International Eucharistic Congress celebration next year, said SM Prime Holdings Vice President Marissa Fernan.
She said the master plan is expected to be completed in a matter of weeks.
“We really can’t do anything until after the IEC. It (property) is going to be used for the IEC, so we’re helping the church clear it,” she said at the sidelines of the SM City Cebu’s Christmas tree lighting and annual Christmas Village of Hope launch.
Fernan said that SM is helping the church in cleaning up the property in preparation for the international event.
After the IEC, SM will be able to unveil its plan for the land bank as well as begin development of the property.
In line with improving roads and other infrastructures in SRP, Fernan said it is their hope that the government would allocate a budget to improve road conditions and drainage systems as well as address flooding in the location.
“I think our only obligation is to make the payments as agreed’. It is up to the local government to manage the proceeds. But it would be nice, considering it’s a total development,” she said.
Regardless, SM is still consistent with its offer to help with the drainage problems, she said.
However, the drainage plan will focus on the area surrounding SM Seaside City Mall in preparation for its opening on November 27.
The management plans to bring in its own consultant within the next few days to look at the area and see what needs to be done.
“We need to really make sure that our facilities are in place for the customers we are serving. So if it needs for us to do some work, then we will do it,” the executive said.
Asked about the readiness of SM Seaside for the big opening, Fernan said the management and the mall itself are very ready.
SM Seaside City will be the first of several development to open in the SM Seaside Complex.
Two other anticipated developments are a convention center and an arena.