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Manila Bulletin devider Philippines devider Iloilo City signs 25-year lease pact with SM Prime for redev't of 2 public markets

Iloilo City signs 25-year lease pact with SM Prime for redev't of 2 public markets

Published Aug 3, 2022 02:13 pm

ILOILO City Vice Mayor Jeffrey Ganzon, Iloilo City Mayor Jerry Treñas, SM Prime President Jeffrey Lim, and SM Supermalls President Steven Tan show the 25-year lease agreements for the redevelopment of the Iloilo Central and Terminal Markets. (Arnold Almacen/Iloilo CMO)
ILOILO CITY – The city government has signed a 25-year lease agreement with SM Prime Holdings Inc. for the redevelopment of two major public markets here.

“We are satisfied with the final proposal of SM Prime and we look forward to working with SM for the redevelopment of the Central Market and the Iloilo Terminal Market,” said Mayor Jerry Treñas during the awarding of the lease agreements Tuesday, August 2.

“We take pride in being part of the Iloilo community, so we are thankful for the opportunity to work with the city in redeveloping the two markets and contribute to the development goals of the city,” added SM Supermalls President Steven Tan.

The deal stipulates that SM Supermalls is going to handle the initial funding for the redevelopment, which will cost at least P1.5 billion for each market.

On the other hand, the city government’s Local Economic Enterprise Office (LEEO) will manage the market facility.

The redevelopment of the two major public markets in the City Proper district is expected to be beneficial.

“It will generate employment and create more business not only in the City Proper district but in the whole city. “Market vendors, customers, as well as tourists, will benefit from the newly developed world-class modernized structures that will be cleaner, competitive, and accessible hubs for its customers,” said Treñas.

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