TREÑAS CEDES “SUPER” AND CENTRAL MARKETS TO SM PRIME FOR 25 YEARS LEASE AND RENEWABLE FOR 25 YEARS
A formal “awarding” ceremony on August 2 highlighted the giving up of control by the Iloilo City government through a Lease Agreement with SM Prime Holdings Inc. (SMPHI) for the “re-development” of the Central Market and the Terminal (Super) Market.
The Lease Agreement were formalized by Iloilo City mayor Jerry Treñas and SMPHI president Jeffrey Lim.
Lim said their initial investment estimate is P3 billion for the two projects. “The designs are being finalized and the amount could actually change” to a higher cost of P5 billion for the two projects.
The venue for the formal announcement were in itself symbolic. SM Prime Holdings hosted the event at their very own Park Inn by Radisson Iloilo.