Bacolod City — SM Prime Holdings Inc. is offering to buy or lease a 6.5-hectare property owned by the Negros Occidental provincial government on Gatuslao Street where it plans to build a convention center and hotel.
Hans Sy, SM Prime Holdings Inc. president, said his company also planned to expand its present SM City Mall and build commercial buildings on the property.
“We submitted an unsolicited proposal to build a hotel and convention center on property owned by the provincial government behind the Capitol. The initial estimate of investment is P2.5 billion,” Sy told reporters after a meeting with Gov. Alfredo Marañon Jr. and Rep. Alfredo Abelardo Benitez (Neg. Occ., 3rd district) at the provincial Capitol in Bacolod City to discuss SM’s proposal.
“Whether the property will be purchased or leased is subject to final negotiations, following the provincial government’s review of our proposal,” Sy added.
The proposed convention center would have a seating capacity of 3,500, while a 200-room hotel will be built along with it. Another 200-room building will be constructed later.
Sy said he brought his team of architects, financial and legal advisers and contractors during the meeting with Marañon and Benitez to “show our seriousness regarding the project.”
Sy said construction could begin within six months of the signing of an agreement.
Sy said the hotel in Bacolod would be part of the SM chain of hotels in the country, including hotels in Cebu, Tagaytay and Davao.
Marañon said the 6.5-hectare property could be put up for bidding to all interested parties by August.
But he added he would not put on sale the property around the Capitol Lagoon Park or the site of the Negros Occidental Provincial Jail, also on Gatuslao Street.
The development of the property behind the Capitol will be good for Bacolod and Negros Occidental’s economy, he added.
Benitez, a friend of Sy, said the project SM was proposing to undertake would be good for the local economy. /INQUIRER