ILOILO City – SM Prime Holdings, Inc. underscored there won’t be competition between market vendors and their would-be tenants once the redevelopment of the Iloilo Central Market and Iloilo Terminal Market is completed.
“We don’t intend to compete with the vendors here. When we come in, even the tenants that we will be bringing in will not directly compete with the vendors,” said SM SuperMalls president Steven Tan.
Tan and SM Prime president Jeffrey Lim were here on Tuesday and formally accepted the lease agreement awarded by the Iloilo City Government led by Mayor Jerry Treñas and Vice Mayor Jeffrey Ganzon.
SM Prime submitted an unsolicited proposal to redevelop the city’s two biggest markets through a public private partnership (PPP).
After the city accepted the proposal, it went through a Swiss Challenge that closed without any challenger.
The PPP project with SM Prime is the first entered by the city government but this is not the first for SM Prime; the latter has similar projects with other local government units.
Tan said they have a PPP project involving the redevelopment of the rundown market in Dasmariñas, Cavite; SM Prime was able to address the public’s concern which included, among others, sanitation and safety.
Lim said their initial investment proposal for the market redevelopment here is about P3 billion or P1.5 billion each for the Iloilo Central Market and Iloilo Terminal Market.
However, Lim said, due to the rising inflation, the project cost may probably go up to about P2 billion or P2.5 billion per market.
“The design is being finalized now. It will be discussed with the city government,” said Lim.
SM Prime is eyeing to complete the project approximately within two years.
The 25-year lease agreement notes that the two markets will be developed at no cost to the city government.
It also includes the development of a temporary market while the redevelopment of the two markets is ongoing.
According to Mayor Treñas, after the awarding of the lease agreement, it will be submitted to the Sangguniang Panlungsod for confirmation.
After the city council confirms the lease agreement, SM Prime will secure the necessary permits with the Office of the Building Official, said Treñas, “then we can proceed.”
“Ginapasalig ko ang tanan nga mga vendors, mga lessees kag mga transient vendors. May ara kamo balikan. Waay sang may ma-displace…Tindugan nakon ini…tanan makabalik,” said Treñas.
He also reiterated that the management of the markets will remain with the city government through the Local Economic Enterprise Office.
“Indi makulbaan ang mga vendors nga lain na ang ma-deal sa ila. Amo man gihapon,” the mayor stressed.
For Lim, this project is an SM Prime legacy shared with the local government of Iloilo City.
“We want to give back to the city, to serve the people of Iloilo City,” he said.
He added: “The mayor has a vision which we share… Our goal is basically the same. When we go to a city, we want to uplift it…and contribute to it.”
“By helping modernized the public markets and restoring the heritage building in the central market, we will be able to preserve the identity of the development site and showcase its grant architecture to the locals, the tourists and the rest of the Philippines. It is such an honor for us to be given the task,” Lim further said./PN
