SM Prime Holdings Inc. has submitted a proposal to purchase the 13,783 square meter property at Rizal Street, Road Lot 4 and Burgos Street at the Reclamation Area in Bacolod City that houses the Manokan Country and the Vendor's Plaza, including an adjacent parking area, Bacolod Mayor Monico Puentevella said yesterday.

SM Executive Vice President Jeffrey Kim, in a letter to Puentevella, said that SM intends to re-develop the property into an integrated shopping complex with a transport terminal, a hotel and an improved Manokan Country, which is a landmark of Bacolod City.

“Our proposal stands to benefit local residents by generating at least 500 employment opportunities, directly and indirectly,” he said

The redevelopment cost for the entire project will be exclusively shouldered by SM, he said.

Kim said they are offering to buy the property at P20,500 per square meter of the total 13,783 square meter property.

He said the turnover of the property will be held within 15 days from the execution of the deed of absolute sale and that the construction will commence within 12 months from the actual turnover of the property to SM.

Puentevella referred the proposal to the Sangguniang Panlungsod and the matter was noted during the session yesterday.

Vice Mayor Greg Gasataya said the communication of the mayor addressed to the SP was for information only.

Although SM was able to submit its unsolicited proposal, this deal does not end with them because if there are others who may show interest in the plan to improve and modernize the Manokan Country. They will open this for public bidding, Puentevella said.

Puentevella said the Manokan Country and its tenants will still remain as long as they pay the “new rental” religiously.

He said he has consulted the tenants of the Manokan Country and they posed no objection to the plans to modernize the structure.

The modern Manokan Country will be a two-storey building with the original Manokan Country tenants occupying the ground floor and other tenants occupying the second floor, he said.

This will have an add on of a pala-pala so that the people will have a choice whether to eat chicken inasal or go for fresh sea foods at the Pala Pala, he added.

Puentevella said the modernization of the Manokan Country is part of their master plan which also include the beautification of the public plaza.

This is also a way for the city to earn from its economic enterprise considering that the three public markets including Manokan Country have an unpaid rentals and surcharges for more or less P100 million, he said.*CGS

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