SM proposes to operate Olongapo Mall
The City of Olongapo Sangguniang Panlungsod, on motion of Councilor Edwin Piano, passed the other day Resolution 2009 R-162 -- A Resolution Approving the Long-Term Lease of Olongapo City Mall as Proposed By SM Prime Holdings, Inc. and the Competitive Challenge Procedure as a Mode of Awarding the Lease Contract Relative Thereto, Subject to Existing Auditing Rules and Applicable Legal Requirements.
SM, known for their numerous big malls around the Philippines with total investment in the country of more than P20 billion, including one of the world's largest -- the Mall of Asia with 42 hectares gross land area -- proposed a long term lease of the Olongapo City mall early this month.
The city's acceptance of the SM proposal does not yet bind Olongapo to enter into a lease contract but only serves as the "go signal" for further negotiations.
Looks like an Ayala-SM competition in our area is in the offing!
The details are not yet officially out but should soon be. Watch for it!!!
A local discussion board hosted by the Subic Bay Freeport Chamber of Commerce invites readers to have your say on the planned projects. Follow this link to join the discussion.. http://subicchamber.org/DiscussionBoard/index.php?topic=222.0