Wednesday, July 16, 2014

SMPHoldings Inc. and BCDA Rumble Is Over

Wow! A state-of-the-art commercial center was built in Taguig City by SM Prime Holdings, Inc.! a 30-storty for that matter! That would be a facility which the people of Taguig would love it for their mall needs from grocery to household, from dry goods to hardware requirement, among others.

SM Aura Premier
Image: expatch.org
However, there was something messy on the issue of this 3.3 hectare or about 33,975 square-meter property donated  by Bases Conversion and Development Authority (BCDA) to Taguig City government. This became the subject of dispute when SM Prime Holdings, Inc. leased it from the Taguig City. It's quite aggravated when BCDA president Arnel Casanova commented on the rental received from said property should be divided equally between BCDA and the Armed Forces of the Philippines. It's no longer an issue. The residents of Taguig should benefit from that revenue since BCDA has relinquished its legal rights on the said property.

BCDA's objection is not crystal clear why SM was objected to construct a state-of-art  commercial center on the said hot property. It was alledgedly noted that BCDA and SM had an isolated unsettled issue on other property. That is business! Nevertheless, SM Prime Holdings won in the bidding on constructing a 30-story edifice not only intended for the mall, but also for several offices like the government, commercial bank, and multinational corporations. (the Ayala and SMPHI are business nemesis).

It's Clear. SM Wins

Since this disputed property has been donated to Taguig government, BCDA signed a deed of conveyance, giving the Taguig government the freedom to use the property for her own benefits. This simply meant that BCDA has issued a clean title, no liens or encumbrances to Taguig City. Any revenue may be derived from such property should be taken by the Taguig City.

In so doing, the Taguig government adopted a resolution directing the SMPHI on the design and the requirements to abide in constructing the civic center and related facilities for the function of the said center like supermarket, department store, movie houses, conference hall, local government and private offices, small business retail shops, and for other amenities like hotel, clinic, museum, chapel, among others.

SM Prime Holdings vice president for legal Edgar Ryan San Juan did abide with the resolution. He even clarified that the construction of SM Aura Premier is not only for "pure mall" but rather a complete civic center which may accommodate religious activity, government services, and many more.

And now SM Aura Premier is now a reality, coming out from the business blues.

4 comments:

  1. taguig have the right to use the property as the documents shows... the development made by sm benefits its people... it should be supported. Yahweh bless.

    ReplyDelete
  2. SM deserved to win this rumble in more ways than one.

    ReplyDelete
  3. Well to be fair, you are right that SM Aura has the facilities that BCDA mentioned. I mean what mall would not do that... having a church inside or near the mall means business. BCDA does not have any good points, they should just drop this case and let people do their job.

    ReplyDelete
  4. I knew it, i don't understand why BCDA are after SM considering they don't own the parcels of land. So I know there's more to it than this one alone.

    ReplyDelete

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